38 West 39th Street

New York, NY 10018

212-581-3003

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Greenwich Village Office Space

  • Upon request
Broadway

Broadway, NYC, Greenwich Village, Class A office space for lease

  • Upon request
Broadway, New York, NY 10003, USA

Broadway, NYC, Greenwich Village, Class A office for lease.   Office  space for lease , We will accommodate any size  3600 […]

  • 3600 - 160,000 Sq Ft
  • Upon request
  • Commercial Loft Space, Office Space
Details

Downtown Manhattan, Greenwich Village

8 months ago

Greenwich Village Office Space

Greenwich Village Office Space -Greenwich Village is a region situated on the west side of Manhattan Island, in the Lower  part of Manhattan. Local people called it just “The Village“. Additionally, this area is known as the Bohemian place in NYC (in light of the fact that it is the focal point of the American Bohemian development), attracting artistic communities of people from all over the world. Charming historic buildings are part of this part of Manhattan and some of them are offering spacious grand floors for rent as office space. Well-known businesses like J. Crew and Forbes rent in Greenwich Village office space.

Greenwich Village Office Space for lease

Greenwich Village is a colorful place with a mix of almost any kind of business and company. The creative industries are often choosing Greenwich office spaces for their business home. The neighborhood offers over 7 million square feet of office space. Most of them are small spaces suitable for smaller artistic companies. Because of very high rental prices, some small businesses have redirected their searches to lease for co-working spaces which are lower expenses for them.

This is a good idea to optimize their costs when they want to be in office space in Greenwich Village. The largest companies in the area are presented from businesses like bonds, financial institutions, trusts, schools, universities and financial assets. These industries have paid the highest prices here. Also, with better possibilities to pay more for office space are businesses such as pharmacy and medicine companies.

Demand and prices for office space for rent in Greenwich Village

The difference of these prices is minimal, if  you check  the available commercial property databases, you will find out  that Greenwich Village office lease rates are a little higher to the average prices for New York.. Considering renting office space in a place like Greenwich Village can be an expensive solution. Businesses that are leasing office space in Greenwich Village district are usually surprised by very expensive office space for lease.

Rental prices are $60-90 per square foot and expected for the best areas in  in Manhattan in class A buildings.

The average prices are around: $75 psf and vary by different factors. These prices are comparable with Manhattan office space for lease in NoHo and Hudson Square. The availability is extremely low and the most available office space is located in renovated and beautiful historical buildings.

The amount of space to rent or lease is just over 7 million square feet, but as the area is much demanded, the percentage of vacancy is already below 7%, which is below the Manhattan average of 10%.

Transportation in Greenwich Village

Because of its central location, Greenwich Village is basically close to everything and offers excellent public transportation – subway or bus options, whatever is more comfortable for the workers coming every day here. These include the 1, 2, 3, 4, 5, 6, A, C, E, B, D, F, M, R, W, and L trains; the M55, M7, M11, M14, and M20 buses;  PATH Train – Christopher Street, 9th, 14th St. A well-known fact by the employees is that Greenwich Village is very accessible by foot and a lot of walkers can be seen coming like this way.

 Eighth Avenue Lineblue"A" train"C" train"E" train
Sixth Avenue Lineorange"B" train"D" train"F" train"F" express train"M" train
Broadway–Seventh Avenue Line red"1" train"2" train"3" train

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Greenwich Village Office Space
Greenwich Village Office Space
Greenwich Village Office Space

MANHATTAN OFFICE SPACE MARKET INFORMATION

INVENTORY SF 376 M +1.0% Prior Period 373 M
UNDER CONSTRUCTION SF10.2 M -10.3%Prior Period 11.4 M
VACANCY RATE11.7% +1.0%Prior Period 10.7%
AVERAGE MARKET RENT/SF$76.15 +1.2%Prior Period $75.25
MARKET SALE PRICE/SF$904 +2.9%Prior Period $878
MARKET CAP RATE4.3% Prior Period 4.3%

Availability
Vacant SF 40.7 M Sublet SF 11.8 M
Availability Rate 18.3% Available SF 65.8 M
Available average Asking Rent/SF $60.04
Occupancy Rate 88.3% Percent Leased Rate 91.5%
Office Sales Past Year
Asking Price Per SF $701
Sale to Asking Price Differential -1.4%
Sales Volume $7.5 B
Properties Sold 104
Months to Sale 11.0
For Sale Listings 142
Total For Sale SF 1.3 M

Demand
12 Months Net Absorp % of Inventory -0.1%
12 Months Leased SF 32 M
Months on Market 8.2
Months to Lease 12.1
Months Vacant 11.0
24 Months Lease Renewal Rate 35.1%
Population Growth 5 Years 3.0%

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