ft. per year and its abundance of stylish, sprawling brick and beam spaces. The average asking rent is just under $96 per square foot. To find out more about pricing or schedule a tour, send us a message. Nearly every train runs through Midtown, and Pennsylvania Station, Grand Central Station, and Port Authority Bus Terminal. There are going to be many factors that need to be factored in. So, for those seeking offices to rent, the map of Manhattan is often divided into three main submarkets: Midtown, Midtown South, and Downtown. 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. Though never truly cheap, it is possible to find an office lease that is reasonable. 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. 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. There you can find office space rentals as low as $32.00 per Square Foot in Class C buildings. 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. 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. 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. 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. 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. 3 Min Read * Availability rate 11.3 pct at end of June * Average asking rent $53.94 per square foot in … In comparison, San Francisco comes in at $359/square foot… Find Affordable Office Space Through a Realtor. Walk to Nu Sushi, Guacstar, Justino’s Pizzeria, Zigolini’s, Golden Chopsticks, or Route 66 Smokehouse for dinner. 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. Midtown’s office leasing prices are around $86 per sq. Although the building soars high, it is nearly hidden from view in the New York City skyline, obscured by even taller neighboring buildings. Financial District (FiDi) is defined by its inclusion of Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. 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. Manhattan’s inventory of office space totals nearly 400 million Square Feet. Tribeca, short for “Triangle Below Canal Street,” is a trendy and expensive Manhattan submarket. Eventually, European settlers journeyed to the area. 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. Chelsea. 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. Currently, four suits are vacant and available to new renters. 55 Water Street is conveniently located near the Yellow and Red MTA subway Lines as well as the Staten Island Ferry. 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 price per square foot surpassed the $1,000 mark for the first time in five quarters. 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. Now is the time to secure office space in this growing New York market. 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. They range from 1,210 to 2,200 square feet in size. “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. 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. 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. Lower Manhattan is also the fourth largest business district in the U.S., trailing only Midtown Manhattan, Chicago Loop, and Washington, D.C. 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. Few places are better served by public transportation. Manhattan houses more than 400 million square feet of office space, most of which is in Midtown. 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. 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. Transportation and commuting. Access the building via trains 1, 2, 3, 4, 5, J, R, W, or Z. Available Manhattan office space near 2-year low. Plans for Hudson Yards include 16 skyscrapers with close to six million square feet designated for commercial office space. 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. 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. For example, the Port Authority of New York and New Jersey is located in Four World Trade Center. Contact us for pricing or a tour. Go through our quick office space finder quiz to find the best spaces for your company. Several key companies have recently moved to the neighborhood, including McKinsey, Casper, and Nike. In particular, Lower Manhattan became an important center for arts and leisure activities. 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. 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. 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. It stands at 54 stories tall and is the second-tallest building in the Rockefeller Center complex. Nonetheless, it is a top office building in a spectacular midtown location. 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. Here are some of the most popular neighborhoods within the city for finding and renting commercial and retail space. There are few things more iconic than the Manhattan skyline. TL;DR (Too Long; Didn't Read) Retail spaces in Greater New York are a great example of just how much location influences prices. 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. 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. It marks the first time since the recession that the area had rents above $50 per square foot. Today, Lower Manhattan still contains many vestiges of its long, rich history. to calculate the size of your office rental. The two closest and most convenient airports for those traveling to and from Downtown Manhattan are LaGuardia Airport and JFK. A majority of Hudson Square’s inventory is in Class A buildings. 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. 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. Over half a million square feet of space are currently under construction as well. (917) 909-2953115 W 30th Street, Suite 900New York City, NY 10001. It houses more than 420,000 square feet of leasable space. Tribeca is a trendy and pricey Manhattan submarket. Take trains A, C, J, N, Q, R, W, Z, 1, 2, 3, 4, 5, or 6 to access 26 Federal Plaza. Choose between 27 different spaces that range from 260 to 25,185 square feet in size. Current tenants include SumZero, Fancy LTD, and The Orthodox Union of Jewish Congregations. Chelsea rental prices are considerably higher than the $81 per square foot New York City rental average. 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. Across 2,121 unique spaces, there is a grand total of 1,669,944 square feet. (917) 909-2953115 W 30th Street, Suite 900New York City, NY 10001. – 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. To learn more about selecting an office space in Downtown Manhattan, chat with one of our knowledgeable real estate brokers. EmblemHealth, Justworks, Premium Merchant Funding, Liberty Mutual, and GDS Publishing already lease space at 55 Water Street. 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 “South of Houston Street,” SoHo is an upscale, mixed-use neighborhood that boasts more than four million square feet of office space for rent. Uptown, for example, is mostly known for residential and retail property. 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 variety of spaces range from 70 square feet to 56,917 square feet. Midtown Manhattan currently houses approximately 285 million square feet of office space, more than half of NYC’s total inventory. The Fulton Center is the largest subway hub in Downtown Manhattan. Office space in Hudson Yards rents for almost $121 per square foot on average. Go through our quick office space finder quiz to find the best spaces for your company. Short for “Triangle Below Canal Street,” Tribeca is bordered by Canal Street, West Street, Broadway, and Vesey Street. Easily determine the square footage your new office requires. 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