Although likely one of the smallest Midtown South submarkets by volume, Greenwich Village is a very attractive and inviting place for companies in the creative industries that are looking to set up shop in one of NYC’s most iconic neighborhoods.
Formerly one of the U.S.’ best-known artistic communities, the Village has undergone one of the most significant gentrification processes of the century, with the area consistently ranking among the most expensive residential markets in the country. Its office space is rated highly, with availabilities largely consisting of smaller office spaces, best suited for the creative industries. The area’s largest employer is New York University (NYU), a premier educational institution that provides a strong influx of highly-skilled young professionals to the area.
With a limited inventory and proximity to important local parks and amenities such as the Gansevoort Market Historic District and the Washington Square Arch, the area’s architecture is being actively preserved by several local efforts. Its most significant office asset is the Forbes Building on Fifth Avenue at 12th Street. Built for the Macmillan publishing house in 1923, the building has been home to Forbes magazine since 1965. Book and magazine publishers are also among the types of firms attracted to the Village.
Along with the nearby SoHo/NoHo submarket, Greenwich office space has some of the lowest vacancy rates in Midtown South, tracking in the 6 percent range, while overall rents rest just below the $80 per square foot mark.
Transit in the area is provided through the presence of several New York City Bus routes, operated by the Metropolitan Transportation Authority. These include the M55, M7, M11, M14, and M20. The neighborhood is served by the New York Subway’s IND Eighth Avenue Line, IND Sixth Avenue Line, BMT Canarsie Line and IRT Broadway-Seventh Avenue Line.