Starbucks, Au Bon Pain, Bluestone Lane Coffee, Latte Art, Crumbs, and Potbelly all operate just steps from building. Other Determining Factors. The location of the building, the amenities, the age of the building and the foot traffic, for example, will affect the price. ft. per year and its abundance of stylish, sprawling brick and beam spaces. Choose between 27 different spaces that range from 260 to 25,185 square feet in size. 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. 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. Office space seekers can expect to pay just around $63.25 per square foot for office space. To find out more about pricing or schedule a tour, send us a message. Current tenants include SumZero, Fancy LTD, and The Orthodox Union of Jewish Congregations. Manhattan houses more than 400 million square feet of office space, most of which is in Midtown. 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. Should you need help finding your next commercial space in Manhattan, please don’t hesitate to email us at contact@squarefoot.com — we’re here to help you begin your search and find the best space and lease term for your needs. Businesses seeking office space in Chelsea can expect to pay an average of just over $96 per square foot per year. Lower Manhattan has become a very attractive area to find New York, NY office spaces. It marks the first time since the recession that the area had rents above $50 per square foot. 3 Min Read * Availability rate 11.3 pct at end of June * Average asking rent $53.94 per square foot in … The average asking rent for Manhattan office space broke $72 per square foot in “for the first time on record” in January, according to CBRE data. 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. Downtown Manhattan, also known as Lower Manhattan and occasionally as Downtown New York, has earned its place as one of Manhattan’s most historic neighborhoods among companies and residents alike. A neighborhood on the West Side, Chelsea has attracted a variety of big-name tech companies to the neighborhood, including Google, Twitter, YouTube, and Venmo. Widely considered the financial center of the world, FiDi offers some of the most affordable office leases on property in Lower Manhattan at rents averaging just over $61 per square foot. CBRE reports that the average asking rent for office space in the borough has reached a … Gradually, New York expanded as an economic center. Manhattan houses more than 400 million square feet of office space, most of which is in Midtown. There are few things more iconic than the Manhattan skyline. However, for businesses that need additional flexibility, lower costs, and privacy unavailable at a coworking office, subleasing could be a good strategy. To estimate how much space you need for your next office, multiply your employee headcount by the number of square feet per … There’s a total of 708 retail listings available for rent in Manhattan, NY. Access the building via trains 1, 2, 3, 4, 5, J, R, W, or Z. Average Asking Price for A+ Office Space Leases Reaches $101/Sq.Ft. In Washington He ights, Manhattan’s most affordable neighborhood by price per square foot, $700K could theoretically get you a roomy 1,074-square-foot home. 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. 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. Built in 1912 and designed by renowned architect Daniel H. Burnham, the building features neo-classical ornamentation and a gorgeously carved main entrance. The Lenape people originally inhabited the area now known as New York City. Midtown’s office leasing prices are around $86 per sq. Manhattan’s inventory of office space totals nearly 400 million Square Feet. EmblemHealth, Justworks, Premium Merchant Funding, Liberty Mutual, and GDS Publishing already lease space at 55 Water Street. Subleasing office space is a cost-cutting option for businesses that want to save money but still work in Downtown Manhattan. The size of office space in Midtown Manhattan amounted to 239.72 million square feet in the third quarter of 2020. 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. 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. Over half a million square feet of space are currently under construction as well. The average asking rent for property in the complex is approximately $73 per square foot. In fact, 26 businesses representing eight different industries have relocated to Lower Manhattan in the past year leasing more than 25,000 square feet of office space. Chelsea rental prices are considerably higher than the $81 per square foot New York City rental average. 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. 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. 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. The main focus of countless skyline shots in modern art and entertainment, Downtown Manhattan is the place to be in New York City. 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. The average office space in the United States is around $39 per square foot according to CushWake.com. The area happens to be full of coffee shops. 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. 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. To many, Manhattan means business. The newest—and tallest—landmark in Lower Manhattan is One World Trade Center, which opened to the public in late 2014. The Fulton Center is the largest subway hub in Downtown Manhattan. – 230 Park Avenue South– 770 Broadway– 225 Liberty Street– 4 New York Plaza. How much does office space cost? 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. As new sky-scraping office towers rise in Manhattan, commercial rents are climbing too. Though never truly cheap, it is possible to find an office lease that is reasonable. “Our early efforts to breathe life into a moribund Downtown community have succeeded beyond our wildest expectations, and Lower Manhattan’s best days are still ahead,” said David Rockefeller, Founding Chairman, in 2008. Even on the lower end Manhattan is super pricey: The lowest price per square foot in Manhattan came out to $437. Midtown’s office leasing prices are around $86 per sq. It’s up to you to weigh the many options, from the size and style of the office space to building amenities and the neighborhood vibe. Short for “Triangle Below Canal Street,” Tribeca is bordered by Canal Street, West Street, Broadway, and Vesey Street. Contact us for details. Prices begin from $28 per square foot to $65 per square foot with square footage for each ranging from 900 to 29,000. TL;DR (Too Long; Didn't Read) Retail spaces in Greater New York are a great example of just how much location influences prices. – 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. Currently, 18 units are available to rent in the building ranging from 19,342 to 69,459 square feet in size. These listings include 6,271 office spaces that encompass a total of 68,886,596 square feet. 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. Affordable office space for lease is located in Chelsea (north of 23rd Street), The Garment District and Lower Manhattan. 11 Broadway has a Walk Score of 98. 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. Tribeca, short for “Triangle Below Canal Street,” is a trendy and expensive Manhattan submarket. 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. Grand Central Station is a large, handsome commuter terminal in the heart of Midtown Manhattan and is served by the 4, 5, 6, 7, and S subway trains, multiple bus lines, and the Metro-North Railroad, which allows commuters from all over New York State and Connecticut to ride into the city. Class A+ Office Rents Jump 9.5% in 1 Month. Downtown Manhattan property is cheaper at just over $65 per sq. In comparison, San Francisco comes in at $359/square foot… Now is the time to secure office space in this growing New York market. It houses more than 420,000 square feet of leasable space. Here are some of the most popular neighborhoods within the city for finding and renting commercial and retail space. A hub for advertising, media, and technology, Hudson Square is an up-and-coming business district located within an attractive community. The two closest and most convenient airports for those traveling to and from Downtown Manhattan are LaGuardia Airport and JFK. Office space seekers can expect to pay just around $63.25 per square foot for office space. In your search for an office for rent in Manhattan, you are presented with an array of appetizing choices for commercial real estate. 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!). Manhattan is in the midst of the biggest boom of new office towers since the 1980s. Whatever your specifications, you are likely to find something perfect in Manhattan New York. 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. Uptown, for example, is mostly known for residential and retail property. Financial District (FiDi) is known for housing Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. As with most of the city, the safety of bike lanes is primarily dependent on tourist and vehicle traffic. Contact us for pricing or a tour. 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. And that’s why it’s one of the first places many companies want to look for when they are ready to lease an office or research listings. Midtown West is home to Hell’s Kitchen, and Bryant Park. It is also close to other New York, NY neighborhoods such as Chinatown, Chelsea, Soho and Midtown. Historically seen in law firms. Spacious (250 – 500 square feet per employee): Majority of the space consisting of large private offices. – 11 Broadway, New York: Building 1898, 11 Broadway is a 22-story office building located between Broadway and Greenwich Street. Office space in Hudson Yards rents for almost $121 per square foot on average. Today, Lower Manhattan still contains many vestiges of its long, rich history. Go through our quick office space finder quiz to find the best spaces for your company. Take trains A, C, J, N, Q, R, W, Z, 1, 2, 3, 4, 5, or 6 to access 26 Federal Plaza. Filled with retail spaces and office buildings, it is a popular location for people who work and live in the area. It stands at 54 stories tall and is the second-tallest building in the Rockefeller Center complex. Bike paths run throughout Hudson River Park, Battery Park, and East River Park, and there are plenty of bike lanes in Lower Manhattan’s streets. Transportation and commuting. to calculate the size of your office rental. 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. 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. Downtown Manhattan comprises the southernmost part of the NYC Bureau of Manhattan, which is why it is often referred to as Lower Manhattan. Or begin by looking up these three SquareFoot-recommended properties in the neighborhood: – 55 Water Street, New York: 55 Water Street is a 687-foot tall skyscraper located at the corner of Water Street and Hanover Square. It used to house the headquarters for Woolworth department stores. Construction underway in Times Square, June 22, 2020. Enter number of employees, offices, conference rooms, etc. 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. Manhattan office space prices are just a component of your commercial real estate project. At 26 stories high and 555,750 square feet in size, it offers plenty of offices in a great downtown NYC location. They range from 1,210 to 2,200 square feet in size. ft., and the vacancy rate is at about 10%. 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. Manhattan has an enormous real estate market with seemingly endless office options for businesses of all sizes. 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. 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. Office space at Hudson Yards is already in high demand, mainly by the tech sector, and growing at a faster rate than Silicon Alley. Although this represents barely 3% of total office inventory in the Manhattan market, it still allowed Manhattan to keep its leading position, which it’s held since 2012. 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. Average asking rents of office space Downtown hit an all-time high of $62 per square foot in May, according to a new CBRE report which talked up Lower Manhattan’s continued, growing appeal to technology and media industry tenants. When the English conquered the land in 1664, they named it “New York” after the Duke of York. (917) 909-2953115 W 30th Street, Suite 900New York City, NY 10001. Easily determine the square footage your new office requires. The bustling transit center provides easy access around the city and is located close to the UN Headquarters. Available Manhattan office space near 2-year low. 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. Ben Fractenberg/THE CITY. Few places are better served by public transportation. With these new additions, Lower Manhattan is shifting away from its 9-to-5 reputation and beginning to attract more families and young professionals who are looking to not only work in the area but also live and build a life there. At $82 per square foot for full-service office leases, overall asking rents in Manhattan were 6% higher in Q3 versus Q2 2019, according to the latest report from … “It was an incredible year in Lower Manhattan,” Downtown Alliance President Jessica Lappin said in a statement. 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. To learn more about selecting an office space in Downtown Manhattan, chat with one of our knowledgeable real estate brokers. foot. Contact one of our experienced brokers to discover specific options in the market that will suit your business needs. For example, the Port Authority of New York and New Jersey is located in Four World Trade Center. A neighborhood on the West Side, Chelsea has attracted a variety of big-name tech companies to the neighborhood, including Google, Twitter, YouTube, and Venmo. Short for “South of Houston Street,” SoHo is an upscale, mixed-use neighborhood that boasts more than four million square feet of office space for rent. Lower Manhattan is also the fourth largest business district in the U.S., trailing only Midtown Manhattan, Chicago Loop, and Washington, D.C. In particular, Lower Manhattan became an important center for arts and leisure activities. 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. 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. One of Manhattan’s two central business districts, Midtown is composed of multiple submarkets. There you can find office space rentals as low as $32.00 per Square Foot in Class C buildings. Financial District (FiDi) is defined by its inclusion of Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. Downtown Manhattan Office Space for Rent Guide. The average asking rent for office space in New York City Midtown is just over $85 per square foot. The average asking rent is just over $84 per sq. 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. Each area possesses its own unique character, and you’ll find that most available spaces enjoy benefits like proximity to subways and buses, great restaurants, and other amenities. To schedule a tour or request pricing or other information, just send us an inquiry. 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. Available office spaces for rent are abundant in Manhattan, placed conveniently in the borough from Broadway, to 44th Street, to Mulberry Street. ft. in the Plaza District. Located at the intersection of Fulton Street and Broadway, the complex connects passengers to the World Trade Center, the World Trade Center Mall, PATH station, and Park Place—Cortlandt Street. Nonetheless, it is a top office building in a spectacular midtown location. Statistically speaking, that’s three times more space than you’d get for the same amount of money in SoHo , the city’s most expensive neighborhood, where the median price per square foot is $2,023. Across 2,121 unique spaces, there is a grand total of 1,669,944 square feet. 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. Metro Manhattan Office Space, Inc. has access to every commercial listing in Manhattan whether you are seeking a Class A, Class B building, a below market sublease, we can find you cheap office space in NYC. Current inventory has a vacancy rate of approximately 12%, and more than a million square feet of new space are under construction. Example with a yearly price per square foot: A 3,000 sf office space has a yearly asking rental rate of $25 per square foot. The variety of spaces range from 70 square feet to 56,917 square feet. Currently, a little less than 11 percent of commercial Midtown office space is vacant and available to new renters. Walk to Nu Sushi, Guacstar, Justino’s Pizzeria, Zigolini’s, Golden Chopsticks, or Route 66 Smokehouse for dinner. This pricing is comparable with other popular neighborhoods such as Hudson Square and the Plaza District. There are going to be many factors that need to be factored in. 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! 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. 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. Median asking price per square foot: $555; Cost for 900 square feet: $499,500; Manhattan’s northernmost neighborhood also happens to have the southernmost price per square foot. 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. Tribeca is bordered by Canal Street, West Street, Broadway, and Vesey Street. 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