Premium Class A office space in Midtown Manhattan has held its value more strongly than anticipated throughout 2020 and 2021. Prices in Class A buildings have only dropped by 10-15%, with landlords preferring to offer generous concessions instead, such as free rent and increased tenant improvement allowances. Demand for commercial office space within modern Class A buildings (post-2010 construction) such as One Vanderbilt and the Hudson Yards complex, has been strong. Developers have had no difficulty leasing large blocks of office space in these types of properties. Throughout 2021, around 25 million square feet of commercial office space has been leased in Manhattan, a significant portion of which came from modern Class A buildings.
One of the problems that companies face when looking to acquire Class A office space is that even the smallest spaces available for lease from institutional landlords tend to be extremely large. This makes it considerably more difficult to find smaller Class A office spaces for companies that seek to benefit from the prestige of Class A office space, but simply don’t have the need nor the number of employees to fill 100,000 square feet of space.
If your company is looking for a medium-sized Class A office space or smaller, and you have some flexibility when it comes to location, then Lower Manhattan may provide you with the value that you’re looking for.
Lower Manhattan: A better value for Class A office space
For the most part, the Financial District consists of traditional, older office buildings, similar to what you might find around Grand Central Station. However, much of the available office space has been retrofitted in recent years to modern standards. Many of the available spaces now have exposed ceilings, and a loft-like, industrial look that is in high demand today. In FiDi you can lease a beautiful industrial-style office while maintaining the benefits of a Class A office building with all the associated amenities.
Availability for commercial office space in Manhattan changes daily. However, it’s not reasonable to expect your business to expend valuable time and resources to track the commercial market in NYC, follow leasing activity, ongoing renovation, construction, upcoming lease expirations and other matters. Metro Manhattan Office Space has 18 years of experience helping our clients find office space that fits their needs, timeframes and budget. Give us a call at (212) 444-2241 or use our contact form, and tell us about your company’s office space requirements.
Lower Manhattan offers a wide selection of Class A and Class B office space for lease, priced significantly lower than similar properties in Midtown Manhattan. Many business owners are unaware that government incentive programs such as the Community Renewal Program (CRP) and Relocation Assistance Program (RAP), significantly reduce the cost of leasing a Lower Manhattan office.
If your company is looking to benefit from a prestigious business address, renting commercial office space in Lower Manhattan is a good choice. Right next to the Financial District is the World Trade Center complex, which offers modern commercial office space with state-of-the-art amenities at One World Trade Center, 7 WTC, 3 WTC, and 4 WTC. These contemporary skyscrapers are priced significantly lower than Hudson Yards, One Vanderbilt, or most modern Midtown office buildings.
Where to find quality office space in FiDi
Today, we have compiled a small list of office buildings in Lower Manhattan which will give you an idea of what to expect and what to look for in your search for Class A office space that offers better value than comparable locations in Midtown Manhattan:
This 22-story building at 11 Broadway is managed by Braun Management and is priced aggressively for well-maintained Class B office towers. Also known as Bowling Green Offices, the property features 432,348 square feet of office space and was completed in 1898. The building was expanded in 1921 and was named a New York City Landmark in 1995. Amenities include 24/7 building access, UPS and FedEx drop-off service, upgraded elevators, bathrooms, corridors, and a renovated marble-floor lobby. Floorplates range from 4,500 to 25,000 square feet and can accommodate tenants of all sizes – the tenant roster includes Flatiron School, Wall Street Services, and the New York State Department of Motor Vehicles. Asking rents at 11 Broadway range from $42-$50 per square foot. Asking rents depend on the amount of work required, the length of the lease, the credit of a potential tenant, and other factors.
This Class B property was built in 1908 and is located at 160 Broadway. It’s owned and managed by Braun Management and features 145,000 square feet of FiDi office space. Previously known as the Lawyers’ Title Insurance and Trust Company Building, 160 Broadway connects to 6 Liberty Place and 6 Maiden Lane via their ground-floor lobbies. Amenities include on-site messenger service, on-site management, 24/7 access and security, and an on-site McDonald’s restaurant. Tenants include United Equities, Raskin & Kremins, and New York Acupuncture and Chiropractic, among others. Asking rents start at $40 per square foot, depending on the lease terms.
80 Broad Street
This Class B building offers 423,403 square feet of commercial office space, and it’s located at 80 Broad Street. It offers exceptional value for office tenants, and boasts a brand-new, 24/7 attended lobby and other building-wide upgrades. The prebuilt office spaces available are incredibly high-quality, with extensive use of glass and concrete floors. The ownership, Broad Street Development and Invesco, is hands-on and tenant-friendly.
Amenities include four sides of large windows offering views of Lower Manhattan, floor plates ranging from 7,500 to 15,000 square feet, surface parking, an attended lobby, bike storage, and Zuul food delivery service. Asking rents range from the high $40s per square foot to the $50s per square foot, depending on the condition and location of the space and other factors. Current tenants at 80 Broad Street include Redmond Law, Goldstein Hall, Malkin & Ross, and Forte Capital Group. On-site retailers include Gregory’s Coffee, DIG, and Bolton’s Restaurant.
14 Wall Street
A well-known landmark Class A office building, 14 Wall Street is also known as the Former Bankers Trust Building. The 37-story, one-million-square-foot Fidi office tower has a modernized lobby and offers an inventory of space ranging from 8,000 to 40,000 square feet. It was completed in 1912 and was fully renovated in 2008. It provides an unrivaled location right across the street from the New York Stock Exchange and diagonally across from the original JPMorgan Chase headquarters.
Amenities at the building include 24-hour access, a secured lobby, an exclusive conference center, bicycle storage, an Equinox gym, TJ Maxx on-site, and immediate proximity to several hotels, high-end retailers, and restaurants. Asking rents at 14 Wall Street start in the $40s per square foot, while tenants include NYU Langone Health, Empire BlueCross BlueShield, FDM Group, Rose Grove Capital, and Hinckley Allen.
15 Maiden Lane
For tenants looking for exceptional value who are willing to go just a bit north of the Financial District, 15 Maiden Lane is worth examining. The building is somewhat of an anomaly. It is a real loft-like property in a neighborhood featuring primarily traditional office buildings. The 20-story, Class B property boasts exposed ceilings more than 11′ high. This gives available space an industrial look. The 1908-built property offers probably the most unique loft-like office space south of City Hall. Moreover, building owner Heller Properties takes great pride in the building and maintains it immaculately.
The details make this building special, such as the tile floors in the common corridors and the artwork showcased throughout. Asking rents at 15 Maiden Lane are also extremely reasonable, and the tenant roster is also impressive: BerlinRosen, Rosen Leonard, Cerebra Metrics, SMC International Group, and Altrum are just a few of the companies leasing office space in the building.
Are you thinking of setting up your business in a convenient location in Manhattan? Are you looking to lease space in a modern building offering state-of-the-art amenities? To learn about available office or retail space, call Metro Manhattan Office Space at (212) 444-2241 or email us at [email protected].