Office Space for Financial Service Companies for Lease and Rent in Manhattan and NYC
Find your ideal Financial Space for Rent in NYC with Metro Manhattan. Since 2004 Metro Manhattan Office Space has successfully negotiated many hundreds of leases for office space in New York City. Benefit from our knowledge of available listings, landlords, and buildings. You can take advantage of record low square footage costs in 2021 by securing a highly favorable long-term lease to reduce your business’s real estate costs. Browse our listings or call us for access to thousands of properties not currently listed on our site: (212) 444-2241
Metro Manhattan Office Space has worked with many types of companies in the financial sector, including banks, hedge funds, mortgage and insurance providers, venture capital firms, brokerage firms, wealth and asset management companies, trading firms as well as other niche financial organizations.
June, 2021 Update – How has COVID affected office tenants in the Financial Sector?
Some of what we’ve seen at our brokerage – you already know. Conference calls becoming the norm, remote work, etc. Many companies are choosing to take the opportunity to renegotiate existing leases or to relocate entirely. Some companies are leasing large blocks of affordable space. Looking at the actions of Google, Amazon, Facebook and other multinationals – their vote of confidence in New York City is clear.
What you may not have known is that many landlords have taken the opportunity of reduced traffic in their buildings to perform major renovations. When you combine this with lowest prices in decades – now is your chance to acquire the space that you need in upscale, renovated buildings at an extremely affordable base rent. Premium Class A buildings are still comparatively expensive, but landlords are much more willing to negotiate favorable deals – particularly with tenants that are willing to make a long term commitment to their property. Give us a call to discuss your needs: (212) 444-2241
Office Space Requirements for Financial Service Firms
Modern financial companies face many challenges. Retaining top talent and maximizing productivity, to name a few. Most companies in this category require state of the art multi-purpose meeting rooms for clients and employees, flexible office configurations with large windows when you want natural light, top-quality building reception and security areas, allowance for flexible working hours, fast express elevators etc.
You can’t afford having outdated building infrastructure and unreliable telecommunications slowing you down. Modern tenants require buildings with backup generators, multiple redundant telecommunication service providers offering fiber connections and excellent cell phone reception at all levels etc. Many Class A buildings in Downtown Manhattan, Midtown Manhattan and Hudson Yards can fit these needs – especially those that were recently built or had major renovations recently performed. Our brokerage is aware of all new construction projects and renovations; you can count on us to advise you of where you can find the best value for your specific requirements.
You attract top talent and you want to keep your employees satisfied and productive. Your staff may work 65-90 hours a week – 12 to 14 hour days are not uncommon in your industry. The amenities that your staff has access to during breaks or after work will make a big difference in your ability to retain your top talent.
What can you expect from modern Class A office space?
Here are some examples of what you can expect in the way of amenities:
- Gyms with the most modern high-end equipment
- Cafes offering the finest micro-roasted blends
- Locally-sourced “grab-and-go” food and drink refreshments
- Beautiful meeting and conference rooms within the building to impress your best clients
- World-class restaurants within the building
- Game rooms with billiards, table tennis, game consoles with large TV screens etc.
The financial industry is active across the globe. In modern Class A trophy buildings, many of these amenities are available 24/7, so when your valued employees need a break – you can help make sure that they come back ready for action.
Best Manhattan Neighborhoods for Financial Service Firms:
Metro Manhattan tracks a large inventory of suitable space for medium and large customers in the financial services sector. Call us at (212) 444-2241 and let’s discuss your criteria and options.
Overview of the Financial District and Downtown Manhattan for Financial Service Firms
Average rent per square foot: $50
The financial district is located in Downtown Manhattan which is the Southernmost part of Manhattan, on the Hudson and East Rivers. It’s bordered by Water Street / Insurance District on the east and the World Trade Center district on the west.
The New York Stock Exchange (NYSE) is located in the center at 11 Wall St, S&P Dow Jones Indices is on the east side at 55 Water St, the Federal Reserve Bank of New York is a little further north at 33 Liberty St.
Major banks, investment groups and insurance companies have multiple locations in the area – Goldman Sachs, Deloitte, JP Morgan Chase, Morgan Stanley, Credit Suisse, Citigroup and many others.
Lower Manhattan’s office space inventory consists of just under 90 million square feet and features some of New York City’s most iconic landmarks. The World Trade Center site has been fully developed, featuring the Oculus transit hub and modern, trophy Class A office towers including One World Trade Center, the tallest commercial office building in the Western Hemisphere.
Few places are better served by public transportation. When the subways were built they all pointed to the Financial District. The 4 and 5 East Side trains run under Broadway, while the N and R trains operate beneath Trinity Place. The West Side 1 and 2 trains stop right at Wall and William streets.
Overview of Midtown Manhattan for Financial Service Firms
Average rent per square foot: $65
Midtown Manhattan has become a popular site for many companies looking to find better value for Class A office space while providing their employees with better commuting options, entertainment and work-life balance. Midtown Manhattan now offers modern Class A office space such as One Vanderbilt (see our popular video about it) completed in 2020 with 1,750,000 sqft of commercial space. About a dozen modern skyscrapers are planned as part of the Empire Station Complex announced in 2020 as part of the Midtown Manhattan revitalization efforts.
Examples of companies that have expanded into Midtown Manhattan in the past several years include Facebook that leased 730,000 sqft of space in the Farley Building, Deutsche Bank that leased 1,100,000 sqft at Time Warner Center, Apple that leased 220,000 sqft of space at 11 Penn Plaza, AIG, Nasdaq and many others.
At over 242 million square feet of office, Midtown is the largest of three major markets that make up the Manhattan office market. Home to iconic landmarks such as the Empire State Building and the Chrysler Building, Midtown is also where some of Manhattan’s fastest growth is occurring.
There are plans to demolish the Grand Hyatt Hotel (historically known as The Commodore Hotel), located directly East of Grand Central Terminal, and replace it with a 1,645-foot, 89 story office, and hotel tower. The building would be more than 3,000,000 square feet and be among the tallest buildings in Midtown Manhattan, when completed in 2030. Project Commodore would add to the inventory of modern state-of-the-art Class-A office space in Midtown East.
Overview of Hudson Yards for Financial Service Firms
Average rent per square foot: $90
Hudson Yards has become extremely popular for companies that have previously occupied Downtown Manhattan or Midtown Manhattan. It’s a relatively new neighborhood located in Manhattan’s rapidly changing West Side. Impressive office towers like 10 Hudson Yards with 1,800,000 sqft of space, 30 Hudson Yards with 2,600,000 sqft of space, 50 Hudson Yards with 2,900,000 sqft of space and 55 Hudson Yards with 1,300,000 sqft of space – offer commercial tenants a variety of premium Class A office space with great commuting options and work-life balance for their employees in this vibrant part of Manhattan.
Examples of companies that have moved to Hudson Yards in the last few years are Facebook that leased 1,200,000 sqft at 50 Hudson Yards, 265,000 sqft at 30 Hudson Yards and 57,000 sqft at 55 Hudson Yards, Amazon that leased 335,000 sqft at 410 Tenth Ave and 360,000 sqft at 5 Manhattan West, BlackRock, JPMorgan, KKR, TimeWarner, Milbank LLP and many others.
Bordered by 30th and 34th Streets from 10th to 12th Avenues, Hudson Yards sits at the northern terminus of New York City’s famed elevated park, the High Line, and is serviced by the 34th Street-Hudson Yards station, an extension of the No. 7 Subway line, which connects to nearly all of the city’s other lines.
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Talking to us will give you new insights. Our job is to protect your interests and save you money. Call us at (212) 444-2241 and benefit from our 17 years of specialized commercial real estate experience in Manhattan.