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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 shifting away from its reputation and beginning to attract young professionals. One of Manhattan’s most well-known historical neighborhoods is Downtown Manhattan, or as most people say Lower Manhattan.
This area is the heart of New York City’s office space buildings and has become increasingly in demand, boasting high-end commercial office buildings with not so pricey average rents and higher free space rate. Some say that the Financial District, a region in Lower Manhattan, is the financial capital of the world and fourth biggest business center in the U.S. Financial District offers some of the cheapest or we better say affordable office space in Lower Manhattan.
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 just under $56 per square foot. Another giant complex in Lower Manhattan is World Trade Center featuring five sky rising office buildings and offers more than 20 million square feet.
The average asking rent in the WT center is: near $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 Manhattan office space is a great choice and perfect for commercial tenants in financial and government institutions as of unequaled vicinity to New York City’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 rents are: $70 per square foot.
Class B office space are: near $62 per square foot and Class C is: $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.
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:
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