A Neighborhood Guide for New York City Office Space
Although remote or hybrid work remains potentially a long-lasting trend, the importance of having New York City office space for you and your employees that feels like a second home cannot be understated.
Step one in finding that “second home” is to select the neighborhood.
Midtown, Midtown South, Downtown, and Uptown —
New York City has four major commercial real estate markets- Midtown, Midtown South, Downtown, and Uptown. Moreover, with New York City’s vibrant diversity, each major market has sub-markets and neighborhoods with unique identities, attitudes, and business cultures.
Thus, ask questions and research before deciding where to lease New York City office space. What are your hopes and dreams? What is your budget? Which layout works best for your company? Reflect on what’s best for your business.
Working with a commercial broker can prove invaluable when looking for the best neighborhoods to lease New York City office space. They can advise you where to find the best New York City commercial real estate opportunities. Furthermore, they can inform you on pricing and affordability, amenities, neighborhood trends, and new developments. Navigating a market like New York City’s is complicated, and a commercial broker with experience in tenant representation can help guide you.
Midtown Manhattan Office Space Opportunities: New York City’s Largest Office Market
With over 240 million sq. ft. of total office space, Midtown Manhattan is Manhattan’s largest commercial real estate district. It also has a strategic location in the city’s heart, conveniently near every major public transportation hub.
With such a vast office space inventory, there is something for every type of commercial tenant in Midtown.
There are iconic office buildings like the Empire State Building and the Chrysler Building. You can also find white-glove buildings in the Plaza District. There are amenity-rich, modern skyscrapers by Grand Central like One Vanderbilt and 1 Grand Central Place, and also older, affordable, Class A office buildings like The Chanin Building or The Graybar Building.
Moreover, there’s plenty of office space for startups that need little more than a budget side street loft in the Garment District.
An Abundance of Small Office Rentals Near Grand Central
Class A Midtown buildings such as 1 Grand Central Place and The Chrysler Building usually have an expansive inventory of office space rentals for small businesses and professional practices. Furthermore, finding small Class A office spaces in New York City is often challenging. Yet, there’s quite an impressive inventory of it near Grand Central. Plus, vacant offices between 1,000-5,000 Square Feet are often entirely rebuilt before being marketed.
White Glove Class A Office Space for Lease in The Plaza District
The Plaza District is located north of 48th Street on the East Side of Manhattan. In this neighborhood, you will find luxurious Class A skyscrapers such as the IBM Building, General Motors Building, and brand new 425 Park. Along Fifth, Park, and Lexington Avenues, major law firms, public corporations, and financial services firms pay top dollar for Class A office space that often exceeds $100.00 per sq. ft. However, you can also find more affordable Class B buildings on side streets and along 57th St., close by elite retail stores.
Budget Office, Loft, and Showroom Rentals in The Fashion & Accessory District
Some of the most affordable office, loft, and showroom spaces for rent or lease are in the Garment District, otherwise known as the Fashion District and the Accessory District. Asking rents start at about $33.00 per sq. ft. for Class C side street properties. As you move north into Times Square, the prices increase.
More about Midtown Manhattan office space
–5th Avenue Madison Avenue
–Grand Central Station
–Penn Station & The Garment District
–The Plaza District
–Sixth Avenue/Rockefeller Center
Midtown South: Hip Space for Creatives, Techies, and Start-Ups
Midtown South spans Manhattan Island from North Canal Street to South of Murray Hill to The Garment District and below. Well-known for some of New York City’s most beloved neighborhoods like Chelsea, Union Square, and The Flatiron District, this vast area offers an extensive inventory of retrofitted factory and loft buildings. Creative firms such as advertising agencies, public relations firms, and architects often lease office space here.
The Flatiron Building and The Starrett Lehigh Building are among the best-known commercial properties in Midtown South. However, the majority of buildings in this area are Class B and C and include lofts with open floor plans, large rooms, and huge windows.
You can also find great deals on loft spaces in Chelsea. Chelsea is known for its art galleries, casual lifestyle, and competitive rental prices. For instance, base rents in Class C loft buildings may come in as low as $35.00 per sq. ft.
Downtown Manhattan: Best Value For Class A Office Rentals
Lower Manhattan is an evolving neighborhood that remains one of New York City’s hottest and fastest-growing. Residential condominiums continue to sprout while luxury retailers like Hermes, Tiffany, BMW, and other luxury goods stores plant their footprint in the neighborhood.
Before 9/11, financial services firms mostly leased space in Lower Manhattan. Since then, competitive rents and government incentive programs like the Community Renewal Program (CRP) and the Relocation Incentive Program (REAP) have caused many firms from various industries to relocate to Lower Manhattan. Why wouldn’t they? Tenants can lease Class A office space here for half the rent of a similar property in Times Square or The Plaza District.
Affordable New York City Office Space in Lower Manhattan
Wall Street, the World Trade Center, Tribeca, and City Hall all offer competitive rental prices for New York City office space. Competition is keen for Class A and Class B properties, and Lower Manhattan has plenty for reasonable prices. Examples of these buildings are The Woolworth Building, The Equitable Life Building, and One Liberty Plaza.
Lower Manhattan Commercial Real Estate Incentive Programs
In addition to affordable rents, Lower Manhattan tenants benefit from government incentive programs that can reduce rental fees and energy costs. These incentives include the following:
- Commercial Revitalization Program (CRP)
- The Lower Manhattan Relocation Program (LMREAP)
- The Lower Manhattan Energy Program (LMEP)
Uptown- Where Culture and Luxury Converge
It’s common to overlook Uptown Manhattan and its commercial real estate market. After all, it’s somewhat far from New York City’s traditional business centers of Lower Manhattan and Midtown and is better known for residential properties rather than commercial spaces.
However, Uptown Manhattan has seen a recent surge in popularity and demand as commercial tenants seek affordable alternatives to the high costs of leasing office space in many Lower Manhattan and Midtown districts.
Located in New York City north of Midtown and close to Central Park, Uptown is home to some of the city’s most iconic and culturally vibrant neighborhoods, such as Washington Heights, Harlem, the Upper West Side, the Upper East Side, and Inwood.
Rich Cultural Heritage and Unique Architecture
Uptown has a rich cultural heritage with neighborhoods marked with distinction. Landmarks and prestigious institutions of art, culture, and academics, such as The Lincoln Center, the Metropolitan Museum of Art, Apollo Theatre, and Columbia University, only begin to describe the prestigious establishments that call the area home.
Moreover, the area continues to see a rising economic trajectory. Harlem particularly comes to mind as its business activity and commerce flourish due to recent efforts and funding initiatives.
Another thing Uptown’s well-known for is the distinct brand and flavor of its commercial real estate.
Barring some Upper West Side and Upper East Side office properties, most of Uptown’s commercial inventory primarily consists of smaller, boutique-style office spaces best suited for small businesses and private offices. You can find a unique mix of historic architecture, pre-war buildings, and appealing architecture.
Educated Talent Pool, Diverse Tenants
Parts of Uptown have easy access to a well-educated talent pool, as Columbia University students commonly live in the Upper West Side and parts of Harlem.
The Uptown market appeals to companies from various industries, ranging from healthcare and law to architecture, tech, and communications. Notable tenants occupying office space in Uptown Manhattan include ABC, Time Warner, BMI, Aetna, Harlem Properties, Silicon Alley Media, National Geographic, and French Bull, among many others. You can also find various diplomatic missions throughout the Upper East Side.
More about Uptown office space
The Key Takeaway: Let Us Find Your New Home Away from Home
Metro Manhattan (212-444-2241) has experience leasing commercial space to businesses of every kind. Whether you seek office space, commercial loft space, a showroom, or retail space doesn’t matter. Metro Manhattan Office Space is your most comprehensive source for New York City commercial real estate and can help guide you through some of your business’s most complex and important decisions.
Furthermore, with strong relationships with key landlords, property managers, and commercial real estate leasing agents, it sometimes knows about off-market office, loft, and retail space before it becomes available.