Midtown South Office Space for Rent Guide
Although the smallest of Manhattan’s three macro neighborhoods, Midtown South is greatly benefiting from one of the borough’s most transformative development initiatives. The High Line park is one of New York City’s most innovative redevelopments, effectively aiding in the change of the landscape of one of the borough’s last remaining industrial districts.
The retail options available to office space tenants are some of the best in the city, ranging from the delectable and fun to the practical—two Trader Joe’s locations, Mario Batali’s Eataly, the Standard Hotel, and Home Depot all cater to the diverse consumer demands of residents and tourists alike.
Who is renting office space in Midtown South?
Midtown South has a total office inventory of just under 70 million square feet, with large parts of its inventory consisting of Class B/C and loft-style office spaces. Its unique mix of commercial assets meant that easily converted industrial space became cheap, airy, creative office stock. That has earned the area the nickname of “Silicon Alley” when it became a hotbed for tech startups in the early 2000s.
Midtown South is undergoing a renaissance as a destination for new information and media firms, as well as traditional businesses attracted to the collaborative, loft-style working spaces abundant in the area.
How much does it cost to lease an office in Midtown South?
Renting office space in Midtown South is not cheap, with asking rents reaching a record-high of nearly $84 per square foot in the first months of 2019, according to CBRE. Large-block availabilities are limited, yet the demand is high, from all types of office-using tenants. Companies of all sizes are attracted to the creative, loft-style office spaces offered by Midtown Manhattan. Redevelopments and new projects are in the pipeline for Midtown South, and are likely to temper the high demand for modern office space in the neighborhood.
Transportation and commuting
Transit in the area is supported by the nearby Grand Central Terminal, which is highly-trafficked and accessible to a broad base of residents. Easy commutes to this section of Midtown from across the city appeal to companies and employees alike, and strengthen the market’s appeal.
There are various public transportation options to choose from in Midtown South, along Broadway, Fifth Avenue, 14th Street and 23rd Street. The High Line is also easily accessible for those living or working in the area.