Midtown Manhattan Office Space for Rent Guide
As the central segment of Manhattan, Midtown has continuously evolved throughout the years as a headline office market, quickly becoming home to a large swath of office buildings, with offerings available on a wide spectrum.
At over 242 million square feet of office, Midtown is the largest of three subdivisions that make up the Manhattan office market. Home to some of Manhattan’s most iconic landmarks such as the Empire State Building and the Chrysler Building, Midtown is also where some of Manhattan’s fastest growth is occurring. The Hudson Yards redevelopment project is home to office towers designed by Skidmore, Owings & Merrill and Diller Scofidio + Renfro, the nexus point of Midtown’s Western real estate renaissance. To the East, the United Nations building anchors a strong and stabilized office submarket, where diplomatic missions and consulates provide consistent occupancy and low-risk leases.
Who is renting office space in Midtown Manhattan?
The area’s office stock is well diversified, featuring both trophy assets that attract institutional investors in search of cash flow, as well as value-add opportunities that attract more hands-on, fully integrated companies. Although space here comes at a premium, its offering as one of the most high-visibility office markets in the world continues to attract cash rich investors such as sovereign wealth funds and outside capital.
How much does it cost to lease an office in Midtown Manhattan?
Midtown Manhattan is home to both fintech companies in the early stages of growth and established international corporations looking for signature space and a presence in a high-profile market. The coworking boom has made WeWork the market’s largest office tenant, and the company continues to be on the hunt for locations across Manhattan. Midtown’s eclectic mix of tenants and properties means that finding space is a competitive endeavor. At over $86.50 per-square-foot, asking rates in Midtown are high and only rising.
Transportation and commuting
Easy transit in the area, supported by Grand Central’s position within Midtown, is highly attractive to a broad base of residents. Easy commutes to the area from across metro New York City prove effective in luring companies to the area and strengthen Midtown’s appeal within the larger Manhattan market.