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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 enclosed by 14th Street, Union Square and Greenwich Village to the south; the Avenue of the Americas (Sixth Avenue) and Chelsea to the west; 23rd Street and Madison Square to the north; and Park Avenue South and Gramercy Park to the east. It is named this because of its symbol – the unique triangular Flatiron Building, which is an original historical building and one of the first skyscrapers in NYC build in early 1900’s.
Flatiron is actually full with energy district. Because of the rich history and culture, most of the office spaces located here are beautiful 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, in total, around 30 million square feet is the office space of commercial real estate inventory with very low availability for lease.
If you compare the prices in Flatiron District to the publicly available commercial real estate leasing data, you will see that the office lease rates are over the average price 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 prices vary by factors like building type class A, B and C, location and the lease length. It is not surprising that the most expensive properties for rent are reaching above $90 per square foot in class A buildings and some budget options for offices for lease in low-class buildings, class B and C, can be found for around $60-70 (limited offers). The amount of space to rent or lease is around 30 million square feet, but as the area is much demanded, the percentage of vacancy is already below 7%.
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 (and up Fourth Avenue, Park Avenue South and Madison Avenue from the East 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 walk score of 100 and is considered the 6th most walkable neighborhood in Manhattan.
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