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5th Avenue, Flatiron District
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5th Avenue, Flatiron District
Flatiron District office space
Flatiron District office space – The Flatiron District in New York City is encased by Fourteenth Street, Union Square toward the south, Sixth Avenue and Chelsea toward the west, 23rd Street furthermore, Madison Square Park toward the north, Park Avenue toward the east. It is named this due to its image – the remarkable three-sided Flatiron Building, which is a unique historic structure and one of the main high rises in NYC build in early 1900’s. Flatiron is actually full of energy district. Because of the rich history and culture, most of the office spaces located here are beautifully renovated historical buildings, unique for Manhattan and New York City office space for lease.
Known as a technology center of Manhattan, Flatiron District office space for rent here are attracting many firms in this field – tech, media, consulting, marketing, startups and so on. An Interesting fact is that Flatiron District attracts more young workers in these companies, compared to other parts of Manhattan and because of this many fitness and food (cafes, bars, restaurants and markets) businesses are located here by serving these younger communities of people. As a result and not by accident here is located a huge farmer’s market for organic food products (Greenmarket). Another not surprising fact is that 60,000 square feet is rented by Italian marketplace with 7 high-quality restaurants. Flatiron District, total inventory is around: 9.4 Million sq ft of office space for lease.
The difference of these prices is minimal, if you check the available commercial property databases, you will find out that Flatiron District office lease rates are a little higher to the average prices for New York. Because of limited office space for rent and the demand is very high, the prices for office space for lease in Flatiron District actually remain one of the highest in Manhattan. The rental costs fluctuate by factors like structure class A, B and C, area and the rent length. It isn’t amazing that the most costly properties for lease arriving at high numbers in the district.
Flatiron District office space rent prices in class A buildings: $80-$90 per square foot and some budget options for offices for lease in low-class buildings,
Class B and C, can be found for around: $60-70 per square foot (limited space availability). The amount of available space to rent or lease is around 1.8 million square feet, but as the area is much demanded, the percentage of vacancy rate is: 9%.
The Flatiron District area has good transportation link – because it is large subway hub in New York, the best way the workers to go there is by subway, taking the R, W or 6 trains to 23rd Street, or by the M1, M2 and M3 buses that run down Fifth Avenue from Midtown and the Upper East Side (north Fourth Avenue, Park Avenue South from the Village). The subway makes Flatiron district one of the best accessible neighborhoods in NYC with one of the most attractive office spaces for rent in Manhattan. Flatiron has a high walk score and is among the most walkable areas in Manhattan.
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