Downtown Manhattan Office Space for Rent Guide
The southernmost subdivision of Manhattan may also be its most iconic as well. The main focus of countless skyline shots in modern art and entertainment, Downtown Manhattan is the place to be in New York City. Consisting of the city’s financial engine and its Insurance District, as well as housing its public administration and judicial system, Lower Manhattan offers a significant office inventory, available on a wide array of prices and amenity levels.
The market’s competitive office inventory of just under 90 million square feet features some of the city’s most iconic landmarks, but also some of its most historic and important sites. The site of the World Trade Center has been fully revamped featuring the Oculus transit hub and brand new, trophy-level office towers including One World Trade Center, the tallest skyscraper in the Western Hemisphere.
Who is renting office space in Downtown Manhattan?
Wall Street, Tribeca, Chinatown, the Civic Center and City Hall are all located in Lower Manhattan, some of the borough’s most attractive sites. Featuring all levels of office space and all pricing models, Lower Manhattan’s office scene is unique and iconic, just like the setting it occupies.
New industries and disruptive trends in office have generated the increase of one of Manhattan’s strongest new office dynamics: coworking. With the rise of the model, companies like WeWork and Regus are now among the largest office tenants in Manhattan, making their presences known in all three of the borough’s subdivisions.
How much does it cost to lease an office in Downtown Manhattan?
Tech firms and companies operating in other creative industries continue to show interest in Downtown Manhattan office space, as the submarket offers a wide variety of available spaces at different price points. As of Q1 2019, office asking rents in Downtown reached $62.16 per square foot, according to CBRE data, roughly on par with the numbers recorded in 2018. Most of the leasing activity in this market is led by TAMI (tech, advertising, media and information services) companies and financial and insurance services firms.
By comparison, office asking rents in Midtown Manhattan reached $87 per square foot in 2019; the steep Midtown prices are driving many businesses to relocate to Lower Manhattan where office product is more affordable.
Transportation and commuting
A series of New York City Subway routes meet in the Lower Manhattan area, making it very easily accessible. The largest hub, Fulton Center, is the result of a $1.4 billion reconstruction project that was meant to revitalize and facilitate transport to the area. The World Trade Center Transportation Hub and PATH station opened in 2016. Ferry services are also concentrated downtown, including the Staten Island Ferry at the Whitehall Terminal, NYC Ferry at Pier 11/Wall Street. As of 2020, the Battery Park City Ferry Terminal will also be available in the area.