233 Broadway, NY, NY, Class A Office space 10,000-25,000 sq ft sublease. Class A Office space 10,000-25,000 sq ft for […]
City Hall, Downtown Manhattan
5,000 sf, 2nd floor, Lease term 10 yrs, Possession Arranged, Office space, Private street entrance with staircase and elevator […]
City Hall Office Space
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.
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?
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.
The overall market on City Hall asks around $67 per square feet for Class A office rent, around $54 for Class B and $48 per sf for Class C office rent.
While average prices in Midtown Manhattan are $96 for Class A and $74 for Class B office space, City Hall 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.
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.
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