5th Ave, Plaza District NY, 56th Street, Class A Office space for rent 3,000-5000 sf 3,000 – 5,000 sf, Hi floor, Vacant, […]
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Fifth Avenue Office Space
Fifth Avenue Office Space – There is no denying the fact if there isn’t a street in the world, which gathers more fame than 5th Avenue. In fact – it is coming on your mind when you start thinking “Which is the most famous street in the world?” The street is existing since the beginning of the 19th Century and it was and remains one of the main sights on the island of Manhattan.
5th Avenue is now a major attraction due to its high-end shops and a major point of interest for tourists due to its many historical buildings, some well-known in the world. Not to mention, that the famous Central Park is situated on its western side. Metropolitan Museum Of Art, and the famous Plaza Hotel, Flatiron Building and Empire State Building are also on it – so the people potential has always been a part of 5th Avenue.
Historically, 5th Avenue was the attraction point for many residents and visitors of New York City. This has made the street not only one of the most famous in the world but also has attracted prestigious labels to open their major stores there. We are talking about luxury brands from the fashion industry, jewelry, premium digital items. A lot of influential businesses have their offices located on 5th Avenue or the nearby parallel streets.
A new trend is tech and media companies (used as the abbreviation TAMI, coming from “Technology, Advertising, Media and Information”). Given the high rate of pedestrian traffic, you can expect also major retail chains also to be present, and they are.The landscape is characterized by skyscrapers followed by historical buildings, which now house art museums, hotels and offices, with a lot of architectural and/or historical heritage to NYC. 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. If you lease office space on 5th Avenue is going to be on the higher price range in the whole of NYC.
Bear in mind, that the office space vacancy rate in Q4 2019 was only 10% for the whole of Manhattan.
5th Avenue is not an exception from that and you can expect a premium-tag to be asked due to the location of the facility and also expect to have reduced availability of office space in that area. For example, the vacancy rate in Midtown South was last quarter at around 8%.
The overall market on Fifth Avenue office space asks between $80 and $100 per square foot for Class A office rent, and between $55 and $70 for Class B office rent. Fifth Avenue remains the heart of Manhattan so it is very unlikely office space to be available in huge numbers on it. Expect to pay a premium (if not the highest in NYC at all) and availability to be tight. If your business depends on high bandwidth internet speed, you have to be carefully choosing as not all buildings can offer it due to their age.
5th Avenue crosses Manhattan from Northeast to Southeast. Best way to get around is by car and/or taxi (Uber). You can also cycle and walk by foot if you are in the neighbourhood. Public transport is buses only – bus line M1, M2, M3 and M4 go all along 5th Avenue.