Bronx office market grows at fastest rate in city in a decade

The demand for office space in the Bronx has skyrocketed during the past 10 years, growing at a faster rate than any other borough, according to Metro Manhattan, a NYC commercial real estate brokerage firm. 

The number of sales rose by more than 300 percent from 2010 levels, with 30 transactions in 2019. 

While the median sales price for office space rose only 27% in the Bronx since 2010, and actually declined in 2019, the dollar volume of sales in 2019 was $208 million, up from only $10.9 million in 2010, the brokerage said in a news release. That’s the largest growth in sales in any borough.

“Interest in the Bronx office market has intensified significantly since 2010, on all levels,” the group said. 

The numbers were part of a city-wide review of commercial real estate growth over the past decade, based on NYC Department of Finance sales data. The median sales price for office space across the five boroughs jumped 112% since 2010, with 213 major office buildings changing hands, for a total of $10 billion in sales, the group’s report said.   

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