77 West 55th Street

City Hall Office Space – New York has many landmark buildings, which determine its unique architectural landscape. One of the most well-known and rooted in New York’s history is the City Hall. Its image is so distinctive that the whole area around it has been named after it. Built in the beginning of the 19th Century by Joseph-François Mangin and John McComb Jr., it has served many different functions, but it has always remained a public service governmental building.

The area named after it is in Lower and borders Tribeca, Chinatown, East River, and the Brooklyn Bridge. The building itself is located in the Civic Center. The Civic Park attracts also many visitors with its classical central walking alley and lots of green vegetation.

City Hall Office Space for lease/rent

The area is home to many governmental and municipal public services and you can expect that they are shaping the landscape of the office space in this area. Still, there are residential areas, which are preferred due to their proximity to Tribeca and the Financial District. Financial District and the World Trade Centre are just around the block, so if your business is one that should network and cooperate with governmental or municipal authorities, financial advisor companies or trade companies, you can seriously consider the area for an office lease.

Besides, it should not surprise us that some of the best places to have a brunch or business lunch are located here. How all this is reflected in the market for office spaces for rent or lease?

Demand and prices for office space for rent in City Hall

As we said, Manhattan is attracting a lot of new tenants every year and the demand for retail and office space is continuing to grow year-over-year so you could expect it reflected on the prices.The vacancy rate for office space in City Hall is in fact only 5%, which is twice as low as the median vacancy rate in Manhattan, so office space supply can be tricky.Office space inventory is not the biggest one (not more than 1 million square feet), so if you are determined to lease office space in the area, you should consider every offer on the market.

City Hall office space the overall market asking price around:

Class A office rent around: $68 per square feet.

Class B office rent around: $54 per square feet.

Class C office rent around: $48 per square feet.

While average rent prices in Midtown Manhattan are: $96 for Class A and $74 for Class B office space, City Hall office space is a good alternative, if your budget does not allow to pay premium prices and you work closely with governmental and municipal agencies. Office space to sublet is rather minimal as the market is very competitive and market supply is not abundant.

Transportation around City Hall

People commuting to work in the City Hall area can use 1, 2, 3, 4, 5, 6, A, C, E, R, W, J, and Z train lines or the PATH Train. If you are a fan of boat riding, you can also use, the Staten Island Ferry and the East River Ferry to get you through congested roads.

Trains:

Lexington Avenue Line	green

Broadway–Seventh Avenue Line	red

Eighth Avenue Line	blue

MANHATTAN OFFICE SPACE MARKET INFORMATION

INVENTORY SF 376 M +1.0% Prior Period 373 M
UNDER CONSTRUCTION SF10.2 M -10.3%Prior Period 11.4 M
VACANCY RATE11.7% +1.0%Prior Period 10.7%
AVERAGE MARKET RENT/SF$76.15 +1.2%Prior Period $75.25
MARKET SALE PRICE/SF$904 +2.9%Prior Period $878
MARKET CAP RATE4.3% Prior Period 4.3%

Availability
Vacant SF 40.7 M Sublet SF 11.8 M
Availability Rate 18.3% Available SF 65.8 M
Available average Asking Rent/SF $60.04
Occupancy Rate 88.3% Percent Leased Rate 91.5%
Office Sales Past Year
Asking Price Per SF $701
Sale to Asking Price Differential -1.4%
Sales Volume $7.5 B
Properties Sold 104
Months to Sale 11.0
For Sale Listings 142
Total For Sale SF 1.3 M

Demand
12 Months Net Absorp % of Inventory -0.1%
12 Months Leased SF 32 M
Months on Market 8.2
Months to Lease 12.1
Months Vacant 11.0
24 Months Lease Renewal Rate 35.1%
Population Growth 5 Years 3.0%