Transportation and commuting. 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. 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. 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. Uptown, for example, is mostly known for residential and retail property. Downtown Manhattan’s commercial real estate inventory has climbed to nearly 100 million square feet with a vacancy rate just over 9 percent. 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. Contact us for details. 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. It is also close to other New York, NY neighborhoods such as Chinatown, Chelsea, Soho and Midtown. There are going to be many factors that need to be factored in. Plans for Hudson Yards include 16 skyscrapers with close to six million square feet designated for commercial office space. This pricing is comparable with other popular neighborhoods such as Hudson Square and the Plaza District. 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!). 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. Manhattan’s inventory of office space totals nearly 400 million Square Feet. 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. The location of the building, the amenities, the age of the building and the foot traffic, for example, will affect the price. Financial District (FiDi) is defined by its inclusion of Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. Current tenants include SumZero, Fancy LTD, and The Orthodox Union of Jewish Congregations. Now is the time to secure office space in this growing New York market. So, for those seeking offices to rent, the map of Manhattan is often divided into three main submarkets: Midtown, Midtown South, and Downtown. ft., and the vacancy rate is at about 10%. It used to house the headquarters for Woolworth department stores. To find out more about pricing or schedule a tour, send us a message. Downtown Manhattan comprises the southernmost part of the NYC Bureau of Manhattan, which is why it is often referred to as Lower Manhattan. 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. 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. “It was an incredible year in Lower Manhattan,” Downtown Alliance President Jessica Lappin said in a statement. Subleasing office space is a cost-cutting option for businesses that want to save money but still work in Downtown Manhattan. 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. ft. in the Plaza District. Prices begin from $28 per square foot to $65 per square foot with square footage for each ranging from 900 to 29,000. The price per square foot surpassed the $1,000 mark for the first time in five quarters. In comparison, San Francisco comes in at $359/square foot… The bustling transit center provides easy access around the city and is located close to the UN Headquarters. Few places are better served by public transportation. There you can find office space rentals as low as $32.00 per Square Foot in Class C buildings. Nearly every train runs through Midtown, and Pennsylvania Station, Grand Central Station, and Port Authority Bus Terminal. How much does office space cost? Historically seen in law firms. The average asking rent for property in the complex is approximately $73 per square foot. 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! The average asking rent for office space in New York City Midtown is just over $85 per square foot. 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. 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. There are currently 2,249 office listings available in Manhattan, NY. Contact us for pricing or a tour. 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. Walk to Nu Sushi, Guacstar, Justino’s Pizzeria, Zigolini’s, Golden Chopsticks, or Route 66 Smokehouse for dinner. Currently, a little less than 11 percent of commercial Midtown office space is vacant and available to new renters. As new sky-scraping office towers rise in Manhattan, commercial rents are climbing too. 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. Tribeca is a trendy and pricey Manhattan submarket. Manhattan NY Office Space for Lease | Data & Trends. Filled with retail spaces and office buildings, it is a popular location for people who work and live in the area. 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. “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. Starbucks, Au Bon Pain, Bluestone Lane Coffee, Latte Art, Crumbs, and Potbelly all operate just steps from building. Affordable office space for lease is located in Chelsea (north of 23rd Street), The Garment District and Lower Manhattan. It stands at 54 stories tall and is the second-tallest building in the Rockefeller Center complex. Downtown Manhattan contains smaller submarkets, such as TriBeCa, World Trade Center, the Financial District, Battery Park, Water Street Corridor, and Two Bridges. ft., with Midtown South at an average rent of just over $84. Though Downtown Manhattan is still an important center for business, culture, and government, post-9/11 ushered in a residential resurgence. These listings include 6,271 office spaces that encompass a total of 68,886,596 square feet. Find Affordable Office Space Through a Realtor. Average Asking Price for A+ Office Space Leases Reaches $101/Sq.Ft. Tribeca is bordered by Canal Street, West Street, Broadway, and Vesey Street. Built in 1912 and designed by renowned architect Daniel H. Burnham, the building features neo-classical ornamentation and a gorgeously carved main entrance. To schedule a tour or request pricing or other information, just send us an inquiry. 200 Varick Street - 5th Floor - Suite 506. 11 Broadway has a Walk Score of 98. The main focus of countless skyline shots in modern art and entertainment, Downtown Manhattan is the place to be in New York City. By Reuters Staff. Midtown’s office leasing prices are around $86 per sq. Over two-thirds of inventory is Class A product with an average rent of $90.54 per sq. Known as a major tourist destination and the center of entertainment in NYC, Times Square is one of the more expensive submarkets and is located in Midtown West. 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. 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. 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. 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. TL;DR (Too Long; Didn't Read) Retail spaces in Greater New York are a great example of just how much location influences prices. Downtown Manhattan property is cheaper at just over $65 per sq. Corporate rating agency Standard & Poor’s and the Depository Trust & Clearing Corporation have their headquarters in the building. Contact one of our experienced brokers to discover specific options in the market that will suit your business needs. Chelsea. It houses more than 420,000 square feet of leasable space. Take trains A, C, J, N, Q, R, W, Z, 1, 2, 3, 4, 5, or 6 to access 26 Federal Plaza. Tribeca, short for “Triangle Below Canal Street,” is a trendy and expensive Manhattan submarket. 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. foot. 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. To learn more about selecting an office space in Downtown Manhattan, chat with one of our knowledgeable real estate brokers. Across 2,121 unique spaces, there is a grand total of 1,669,944 square feet. Business leaders estimate about 15% of workers have returned to offices in recent weeks. Lower Manhattan has become a very attractive area to find New York, NY office spaces. Downtown Manhattan Office Space for Rent Guide. 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. 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. It marks the first time since the recession that the area had rents above $50 per square foot. Midtown West is home to Hell’s Kitchen, and Bryant Park. ft. per year and its abundance of stylish, sprawling brick and beam 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. 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. Here are some of the most popular neighborhoods within the city for finding and renting commercial and retail space. 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. 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. Midtown Manhattan currently houses approximately 285 million square feet of office space, more than half of NYC’s total inventory. Choose between 27 different spaces that range from 260 to 25,185 square feet in size. 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. Class A+ Office Rents Jump 9.5% in 1 Month. There’s a total of 708 retail listings available for rent in Manhattan, NY. 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. An establishing shot of it in a movie almost immediately prepares us to be transported into a busy office space, perhaps in the high-stakes financial world, at a publishing house, or inside a media conglomerate. Available Manhattan office space near 2-year low. View suggested NYC office space in … (917) 909-2953115 W 30th Street, Suite 900New York City, NY 10001. When the English conquered the land in 1664, they named it “New York” after the Duke of York. Whatever your specifications, you are likely to find something perfect in Manhattan New York. 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. – 230 Park Avenue South– 770 Broadway– 225 Liberty Street– 4 New York Plaza. 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. Easily determine the square footage your new office requires. 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. – 11 Broadway, New York: Building 1898, 11 Broadway is a 22-story office building located between Broadway and Greenwich Street. Though never truly cheap, it is possible to find an office lease that is reasonable. Nonetheless, it is a top office building in a spectacular midtown location. In particular, Lower Manhattan became an important center for arts and leisure activities. Other Determining Factors. Go through our quick office space finder quiz to find the best spaces for your company. Lower Manhattan is also the fourth largest business district in the U.S., trailing only Midtown Manhattan, Chicago Loop, and Washington, D.C. The average asking rent is just over $84 per sq. 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. 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. Certainly some neighborhoods are more expensive than others, and luxury Class A office buildings will cost you more than Class B buildings. Office space seekers can expect to pay just around $63.25 per square foot for office space. (917) 909-2953115 W 30th Street, Suite 900New York City, NY 10001. JP Morgan, Oracle Inc., Pfizer, and Salesforce are noteworthy tenants working in Grand Central. – 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. Chelsea rental prices are considerably higher than the $81 per square foot New York City rental average. The variety of spaces range from 70 square feet to 56,917 square feet. 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. ft., with Midtown South at an average rent of just over $84. Manhattan office space prices are just a component of your commercial real estate project. The famous Madison Avenue, known as a hub for the advertising industry, runs through Midtown East. They range from 1,210 to 2,200 square feet in size. The Fulton Center is the largest subway hub in Downtown Manhattan. Enter number of employees, offices, conference rooms, etc. Commercial tenants seeking Downtown Manhattan office space will find average overall asking rents hovering just under $65.50 per square foot for all classes and just over a price of $68 per square foot for Class A office units. ft. in the Plaza District. Tribeca offers a haven for walkers and bikers, as well as a variety of transportation options via train, bus, PATH, and ferry. A majority of Hudson Square’s inventory is in Class A buildings. EmblemHealth, Justworks, Premium Merchant Funding, Liberty Mutual, and GDS Publishing already lease space at 55 Water Street. Several key companies have recently moved to the neighborhood, including McKinsey, Casper, and Nike. 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. 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. This is likely due to Chelsea’s lower average rent of $77.51 per sq. 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. Businesses seeking office space in Chelsea can expect to pay an average of just over $96 per square foot per year. 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. 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. 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. Eventually, European settlers journeyed to the area. Financial District (FiDi) is known for housing Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. Penn Station makes Chelsea easily accessible for employees traveling by intercity or commuter rail from New Jersey. 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. 3 Min Read * Availability rate 11.3 pct at end of June * Average asking rent $53.94 per square foot in … 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. A hub for advertising, media, and technology, Hudson Square is an up-and-coming business district located within an attractive community. 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. The area happens to be full of coffee shops. Data from brokerage Newmark Knight Frank shows 13.1 million square feet (1.22 million square … Available office spaces for rent are abundant in Manhattan, placed conveniently in the borough from Broadway, to 44th Street, to Mulberry Street. 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. Currently, four suits are vacant and available to new renters. To estimate how much space you need for your next office, multiply your employee headcount by the number of square feet per … Although the building soars high, it is nearly hidden from view in the New York City skyline, obscured by even taller neighboring buildings. Current inventory has a vacancy rate of approximately 12%, and more than a million square feet of new space are under construction. The overall average rent price per square foot rests around the $57 mark. Currently, 18 units are available to rent in the building ranging from 19,342 to 69,459 square feet in size. The size of office space in Midtown Manhattan amounted to 239.72 million square feet in the third quarter of 2020. In New York, office subleases are arranged directly with a current office tenant and may lack the assurances that come with a direct lease through a landlord. 3,000 x $25.00 = $75,000 per year for rent. foot. The two closest and most convenient airports for those traveling to and from Downtown Manhattan are LaGuardia Airport and JFK. Midtown’s office leasing prices are around $86 per sq. 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. Divide by 12 months to get a monthly rental amount of $6,250. In your search for an office for rent in Manhattan, you are presented with an array of appetizing choices for commercial real estate. Construction underway in Times Square, June 22, 2020. 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. Downtown Manhattan office space has become increasingly in demand, boasting not only high-value commercial office buildings with lower average rents but also a higher vacancy rate than both Midtown and Midtown South. 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. 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. 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. Manhattan houses more than 400 million square feet of office space, most of which is in Midtown. Manhattan houses more than 400 million square feet of office space, most of which is in Midtown. The Lenape people originally inhabited the area now known as New York City. Manhattan has an enormous real estate market with seemingly endless office options for businesses of all sizes. 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. Available office spaces in Manhattan, NY range in size from 77 square feet to 1,800,000 square feet. The average office space in the United States is around $39 per square foot according to CushWake.com. 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. 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. 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. For example, the Port Authority of New York and New Jersey is located in Four World Trade Center. Go through our quick office space finder quiz to find the best spaces for your company. 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. 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. Office space in Hudson Yards rents for almost $121 per square foot on average. 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. , etc agency Standard & Poor ’ s Kitchen, and NASDAQ office leasing prices are $... $ 85 per square foot New York, NY 10001 the time to secure office space seekers can to. Originally inhabited the area happens to be in New York City Publishing already lease space 55... 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