The rise and development of fintech companies, and their rapid capitalization may well result in the stabilization of office space here and a new evolution for the Financial District. Midtown West is home to Hell’s Kitchen, and Bryant Park. The average asking rent for property in the complex is approximately $73 per square foot. The Downtown Lower Manhattan Association works toward a vibrant business community in Downtown Manhattan by providing networking opportunities, spearheads public projects, and serves as an advocate for Lower Manhattan. Hudson Yards, the newest development in Manhattan, is located in the west side of the city between Chelsea and Hell’s Kitchen (don’t worry, it’s much nicer than it sounds!). Total average rent for Class A office space in Lower Manhattan last year hit $51.65 per square foot, according to new market research by Savills Studley provided exclusively to Commercial Observer. Lower Manhattan has become a very attractive area to find New York, NY office spaces. The Woolworth Building, sometimes called the “Cathedral of Commerce,” is a 60-story building that at one point was the tallest building in the world. Lower Manhattan’s narrow, twisting streets lead to many of New York City’s historic buildings and landmarks, such as Federal Hall, New York City Hall (which is the oldest city hall in the nation), Bowling Green, the Charging Bull, Wall Street, St. Paul’s Chapel, and Trinity Church. Developers finished building the structure in 1972, and now the building stretches 53 stories high and offers 3.5 million square feet of office space; it is not only one of the largest structures in the world but also the largest open office building in New York City. View suggested NYC office space in … Uptown, for example, is mostly known for residential and retail property. Currently, four suits are vacant and available to new renters. As new sky-scraping office towers rise in Manhattan, commercial rents are climbing too. (917) 909-2953115 W 30th Street, Suite 900New York City, NY 10001. Filled with retail spaces and office buildings, it is a popular location for people who work and live in the area. Manhattan houses more than 400 million square feet of office space, most of which is in Midtown. While store tenants are asked to shell out more than $4,400 per square foot along Upper Fifth Avenue in Manhattan, they can lease space for as little as $10 per foot in St. George, Staten Island. Financial District (FiDi) is known for housing Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. Commercial tenants in SoHo will pay an average of just over $90 per square foot (across all building classes) and an average of $101.51 per square foot for Class A properties, due to high demand. foot. 3,000 x $25.00 = $75,000 per year for rent. Find Affordable Office Space Through a Realtor. (917) 909-2953115 W 30th Street, Suite 900New York City, NY 10001. EmblemHealth, Justworks, Premium Merchant Funding, Liberty Mutual, and GDS Publishing already lease space at 55 Water Street. World Trade Center, a complex in FiDi with five high-rise office buildings, has more than 21 million square feet of inventory with one of the highest vacancy rates in the area. JP Morgan, Oracle Inc., Pfizer, and Salesforce are noteworthy tenants working in Grand Central. Gradually, New York expanded as an economic center. Office space seekers can expect to pay $79.34 per square foot (across all classes) and around $98.58 per square foot per year for Class A buildings. Data from brokerage Newmark Knight Frank shows 13.1 million square feet (1.22 million square … If you’re looking to start your search for a great space, spend some time getting to know these submarkets before making your way to any rental office. Available office spaces for rent are abundant in Manhattan, placed conveniently in the borough from Broadway, to 44th Street, to Mulberry Street. Contact one of our experienced brokers to discover specific options in the market that will suit your business needs. Walk to Nu Sushi, Guacstar, Justino’s Pizzeria, Zigolini’s, Golden Chopsticks, or Route 66 Smokehouse for dinner. There you can find office space rentals as low as $32.00 per Square Foot in Class C buildings. Contact us for pricing or a tour. Available Manhattan office space near 2-year low. To find out more about pricing or schedule a tour, send us a message. At 26 stories high and 555,750 square feet in size, it offers plenty of offices in a great downtown NYC location. Chelsea rental prices are considerably higher than the $81 per square foot New York City rental average. Currently, the building offers a wide range of available units. As with most of the city, the safety of bike lanes is primarily dependent on tourist and vehicle traffic. Office space seekers can expect to pay just around $63.25 per square foot for office space. The New York Financial District encompasses a significant portion of Lower Manhattan, so it’s no surprise that many people equate Lower Manhattan to the financial capital of the world. Starbucks, Au Bon Pain, Bluestone Lane Coffee, Latte Art, Crumbs, and Potbelly all operate just steps from building. Lower Manhattan stood out as the lone market where asking rents increased year-over-year (up 6.8 percent to $63 per square foot), as all five of its submarkets recorded gains. It’s also one of the world’s most popular locations to acquire both office and retail space — an address in SoHo is highly coveted! 55 Water Street is conveniently located near the Yellow and Red MTA subway Lines as well as the Staten Island Ferry. The southernmost subdivision of Manhattan may also be its most iconic as well. – 1251 Avenue of the Americas: 1251 Avenue of the Americas, once known as the Exxon building, is an office building at the corner of 50th Street and 6th Avenue. Office space in Downtown Manhattan tends to be pricier in World Trade Center and the New York Financial District but cheaper in TriBeCa, City Hall, and Water Street Corridor. Data suggests the price of Class B property is $57 per SquareFoot.These asking rents for spaces available in the area rest well below the NYC office space averages of $82.25 per square foot for all classes and $91 for Class A units. This eclectic Midtown South neighborhood is known for its inclusion of Chelsea Market (home of one of the best food halls in New York City) and the High Line. Prices begin from $28 per square foot to $65 per square foot with square footage for each ranging from 900 to 29,000. Office rentals in Class A buildings average at just over $100 per square foot, and Class B buildings average at a little over $65 per sq. Tribeca is a trendy and pricey Manhattan submarket. The famous Madison Avenue, known as a hub for the advertising industry, runs through Midtown East. Divide by 12 months to get a monthly rental amount of $6,250. Named after the optically wondrous Flatiron Building, the Flatiron District has more than 21 million square feet of in-demand offices with a low vacancy rate. One of Manhattan’s two central business districts, Midtown is composed of multiple submarkets. Although Manhattan is a fascinating place from top to bottom, not every area of this New York City borough is popular with office lease seekers. Midtown Manhattan currently houses approximately 285 million square feet of office space, more than half of NYC’s total inventory. Subleasing office space is a cost-cutting option for businesses that want to save money but still work in Downtown Manhattan. Coworking office space in Manhattan surpassed 16 million square feet in July 2019, reinforcing NYC’s leading position among U.S. markets for the highest coworking inventory, per the report. A developer behind the 1.9 million-square-foot Essex Crossing, one of the largest new developments in Midtown South in recent memory and which includes the only large blocks of new Class A office space on Manhattan’s Lower East Side, knows it hit a wall with the pandemic. The average asking rent for Class A office space in Midtown Manhattan was 88.27 U.S. dollars per square foot in the third quarter of 2020. Downtown Manhattan Office Space for Rent Guide. It stands at 54 stories tall and is the second-tallest building in the Rockefeller Center complex. Access the building via trains 1, 2, 3, 4, 5, J, R, W, or Z. Though never truly cheap, it is possible to find an office lease that is reasonable. The price for office space will vary based on building class. Currently, a little less than 11 percent of commercial Midtown office space is vacant and available to new renters. The Fulton Center is the largest subway hub in Downtown Manhattan. Downtown Manhattan contains smaller submarkets, such as TriBeCa, World Trade Center, the Financial District, Battery Park, Water Street Corridor, and Two Bridges. Downtown Manhattan property is cheaper at just over $65 per sq. Here are some of the most popular neighborhoods within the city for finding and renting commercial and retail space. Downtown Manhattan provides multiple transportation options, including 14 subway lines, 32 bus lines, PATH service to New Jersey, water taxis, and ferry service to Queens, Brooklyn, Staten Island, Yonkers, and New Jersey. The newest—and tallest—landmark in Lower Manhattan is One World Trade Center, which opened to the public in late 2014. Today, Lower Manhattan still contains many vestiges of its long, rich history. ft., with Midtown South at an average rent of just over $84. It marks the first time since the recession that the area had rents above $50 per square foot. Take trains A, C, J, N, Q, R, W, Z, 1, 2, 3, 4, 5, or 6 to access 26 Federal Plaza. Construction underway in Times Square, June 22, 2020. Choose between 27 different spaces that range from 260 to 25,185 square feet in size. With the median at $555 for one square foot of home, you should be able to get a perfectly spacious apartment in Inwood for just under $500,000. Although the building soars high, it is nearly hidden from view in the New York City skyline, obscured by even taller neighboring buildings. However, the slow downsizing of the financial services sector over the last ten years has opened up commercial real estate to the technology, advertising, media, and Information sectors as well. World Trade Center, a complex in Lower Manhattan featuring five high-rise office buildings, offers more than 21 million square feet of space with one of the highest vacancy rates (15 percent) in Lower Manhattan. Commuters can reach FiDi via the 1, 2, 3, 4, 5, 6, A, C, E, J, Z, R, or W trains; the PATH train; or the East River and Staten Island Ferries. In all, only 2.57 million square feet of space were leased in Manhattan between July 1 and Sept. 30 — down 50% from the five-year average for the period. Notable companies with headquarters or offices in Lower Manhattan include Investment Technology Group, Condé Nast, Goldman Sachs, Hudson’s Bay Company, Spotify, Verizon Communications, PR Newswire, AOL, Group M, and IBT Media. Office space in the Plaza District attracts two-thirds of all NYC hedge funds and is ideal for small to mid-sized financial services businesses. Nonetheless, it is a top office building in a spectacular midtown location. Historically seen in law firms. 3 Min Read * Availability rate 11.3 pct at end of June * Average asking rent $53.94 per square foot in … The largest deal that occurred in the Plaza District last year was Wafra’s sale of the Coca-Cola Building to SHVO for $937 million – just a few weeks after Wafra initially purchased it for $909 million. The most expensive of the three – the Plaza District submarket – averaged $1,260 per square foot of office space to land in the runner-up spot. In particular, Lower Manhattan became an important center for arts and leisure activities. Class A offices typically cost close to $85 per square foot to rent, while Class B goes for an average of almost $66 per square foot. TL;DR (Too Long; Didn't Read) Retail spaces in Greater New York are a great example of just how much location influences prices. Built between 1963 and 1969, the Jacob K. Javits Federal Office Building stretches 41 stories in the sky and is the nation’s tallest federal building. The average asking rent is just over $84 per sq. Transportation and commuting. Leasing office space in Manhattan NY can be a little intimidating, given all the available choices, but it’s also exciting to know that there are sure to be multiple New York City office space rentals to suit your business’s needs. Or, find available space for lease in one of these two Squarefoot-recommended properties: – 80 Maiden Lane: 80 Maiden Lane is a Class B office building located at the corner of Maiden Lane and William Street in the Financial District. Go through our quick office space finder quiz to find the best spaces for your company. Plans for Hudson Yards include 16 skyscrapers with close to six million square feet designated for commercial office space. Office rentals in Class A buildings average at just over $100 per square foot, and Class B buildings average at a little over $65 per sq. Naturally, cost and lease length are important considerations as well. The two closest and most convenient airports for those traveling to and from Downtown Manhattan are LaGuardia Airport and JFK. Many buildings once holding office space have been converted into apartments, condos, retail shops, and restaurants, and the residential population in the area has tripled since 2000. How much does office space cost? Widely considered the financial center of the world, FiDi offers some of the most affordable office space in Lower Manhattan at rents averaging just under $58.75 per square foot. Manhattan office space prices are just a component of your commercial real estate project. Manhattan NY Office Space for Lease | Data & Trends. Manhattan has an enormous real estate market with seemingly endless office options for businesses of all sizes. The overall average asking rent for full-service office leases in Manhattan has also increased, reaching $82 per square foot at the end of September, 6% higher than it was at the close of Q2. The size of office space in Midtown Manhattan amounted to 239.72 million square feet in the third quarter of 2020. There are few things more iconic than the Manhattan skyline. Overall, Downtown Manhattan office space is most ideal for commercial tenants in financial and government services due to unmatched proximity to New York City’s core infrastructure. Financial District (FiDi) is defined by its inclusion of Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. Asking lease rates for Class A+ office space in Manhattan jumped 9.5% between August and September, while overall office rents in the market climbed about 5.4% month-over-month. Floor plans in this Midtown South submarket tend to be modest with high ceilings, which attracts companies searching for open office concepts at an average of about $78 per square foot. In St. George on Staten Island, space could be had for as little as $10 per square foot, but just 40 minutes away, on Manhattan’s coveted Upper Fifth Avenue, shops shell out as much as $3,900 per square foot on the world’s second-most expensive retail street. Midtown’s office leasing prices are around $86 per sq. A hub for advertising, media, and technology, Hudson Square is an up-and-coming business district located within an attractive community. – 26 Federal Plaza, New York: 26 Federal Plaza, known as the Jacob K. Javits Federal Office Building, is located on Foley Square in the Civic Center neighborhood. “It was an incredible year in Lower Manhattan,” Downtown Alliance President Jessica Lappin said in a statement. There’s a total of 708 retail listings available for rent in Manhattan, NY. Several key companies have recently moved to the neighborhood, including McKinsey, Casper, and Nike. Overall, Downtown Manhattan office space is most ideal for commercial tenants at companies like financial and government services due to unmatched proximity to New York City’s core infrastructure. In addition, the Fulton Center and the World Trade Center Transportation Hub and PATH station received pricey face lifts in recent years and have made transportation more visually appealing, though the renovations’ benefit to commuters isn’t as apparent. This is likely due to Chelsea’s lower average rent of $77.51 per sq. 11 Broadway has a Walk Score of 98. It is known for housing many federal government agencies, such as the Department of Homeland Security, the Federal Bureau of Investigation New York City field office, the Social Security Administration, and the General Services Administration.