Downtown Manhattan Office Space

Downtown Manhattan Office Space –  Downtown Manhattan is still the center of New York City businesses and also a cultural hub. Some real-estate owners convert their buildings into apartments, retail shops or restaurants, and the population in the area has triple after 2000. Lower Manhattan is moving endlessly from its notoriety and starting to pull in youthful experts. One of Manhattan’s most notable recorded neighborhoods is Downtown Manhattan, or as a great many people say Lower Manhattan.

This territory is the core of New York City’s office space structures and has gotten progressively sought after,  flaunting  its upscale class A office buildings as places of business with not all that expensive normal rents and higher score in available for lease office space.  Some state that the Financial District, a locale in Lower Manhattan, is the money related capital of the world and one of a couple of greatest business communities in the U.S. Financial District offers the absolute least expensive or we better say reasonable  office space in Lower Manhattan.

Downtown Manhattan Office Space for Rent / lease prices

Many of the largest deals reflected renewals by Lower Manhattan’s real estate sectors including FIRE and Government. Other essential deals among FIRE or Government tenants included American Express with near $74 square foot renewal at 200 Vesey Street at Brookfield Place. Rents in this neighborhood are averaging rent around: $56 per square foot. Another giant development in Lower Manhattan is World Trade Center, which presents seral sky rising office buildings and provides around 20 million square feet for lease.

The average asking rent in the WT center is around: $76 per square foot. 

One of the most expensive and trendy submarkets is the Tribeca or short for “Triangle Below Canal Street. Office space future tenants can expect a bill for just around: $70 per square foot for office space. In other words, the Downtown NYC office space is a great choice and perfect for business renters in monetary and government institutions as of unequaled vicinity to Manhattan’s heart infrastructure. Class A and Class B office space buildings are preferable from most of the local tenants. Let’s see the numbers:

Downtown Manhattan Class A office space asking rent prices are: $70 per square foot.

Class B office space rent prices are: $62 per square foot.

Class C office space rent prices are: $55 per square foot. 

Still, with limited activity, the Class A market saw a slight uptick in the free space area along with stagnant, historically high, asking rents.
Midtown Manhattan has plenty of tall Class A office towers that often reach 50+ stories buildings. Class B and C space have inclined uniquely in contrast to Class A space in Lower Manhattan.

Finding the best office space needs some researching and looking for Downtown Manhattan  office space will lead to average  asking rents floating around: $66 per square foot for Class A and Class B buildings. There are still valuable deals to be had in Lower Manhattan as average rents can be as much as 10% below asking rents. One particular right choice is to sublease an office space for organizations and set aside the cash. In this case, owners have to consider some crucial tips for subleasing office space, but that is another story.

Transportation around Downtown Manhattan

It is one of the most communicative places in Manhattan as it sits in the middle between Staten Island, Queens, Bronx and Brooklyn.  Thousands of people are coming each day to Downtown  Manhattan – the beautiful parks are attracting many tourists, students, and workers. It is a perfectly located , very easily accessible by public transport. With convenient access to all kinds of transportation  – 1, 2, 3, 4, 5, 6, A, C, E, R, W, J, Z , N, R, and Q subway lines, regional buses and 2 ferry lines, not to mention one of the best walkability rates in the States.

Trains:

Lexington Avenue Line

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Broadway–Seventh Avenue Line

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Eighth Avenue Line

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MANHATTAN OFFICE SPACE MARKET INFORMATION