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Harlem Office Space
Harlem Office Space – If you have to define which is the most diverse, inspirational and colorful New York neighborhood, you will surely think about Harlem as one of them. Situated on the north part of Manhattan Island, Harlem has been established in the 17th century by European settlers. After being fought over between the settlers and the British, it has been burned to the ground and then re-established. Being mostly agricultural, the neighborhood soon started to attract European settlers of Italian and Jewish ancestry. The Great Migration brought a lot of Americans in the area in 1920. Since the 1990s Puerto Rican migrants added to the already vibrant and diverse multicultural ethnicity of the neighborhood. That all has shaped Harlem as a culturally diverse area, where you have always something new on the corner to enrich you. It is located just north of Central Park and reaches West 155th Street in the north, it is between Hudson River and 5th Avenue.
Historically, Harlem is a purely residential area. The high number of American newcomers in the 1920s has shaped the area as home also to a lot of theatres and music venues that gave many artists an opportunity to show their talents – Apollo Theatre and the Savoy Ballroom continue working today and remember the events of Duke Ellington, Josephine Baker, and Louis Armstrong. With a prevailing number of residents, rezoning and modernization projects in the last 10 years have attracted Harlem a new wave of residents. Attracted by the low prices, plenty of parks and the nearby colleges (Columbia University and the City College of New York), students enjoy the rich mixture of cultures, famous art scenes and plenty of spaces to eat out.As there were plenty of young workers around, soon start-ups and small companies started setting up their offices in Harlem. With the availability of new-built office space on attractive prices with plenty of workers to choose from, businesses started to move in.
The overall market in the wider Harlem area asks between $40 and $50 per square feet.
This is much lower than what businesses are paying in Midtown or Lower Manhattan, and there is a demand for office space for rent from start-ups and healthcare-related businesses. About 33% is the increase of businesses established in Harlem in the last 10 years, with the healthcare sector being the biggest employer in the area. The variety of office space available is drawing businesses that look to lower their fixed expenses and find easily workers. If you compare these prices to the publicly available commercial real estate leasing data, you will see that Harlem office lease rates are much below the average price for New York, they are around $80 per square foot for Class A buildings and just around $60 for a lease in a Class B Building.
Gentrification stepped in in Harlem in recent years and this is visible also on the prices of residential buildings. If the trend continues, Harlem might reach the price levels of Manhattan-Midtown in 8 to 10 years. If you decide to lease office space long-term now, this will definitely be a good opportunity for a small to medium-sized company.
The location of Harlem determines it as a strong public transport hub. You get plenty of New York Metro lines – A, B, C, D and 1, 2, 3 trains have all stops across Harlem. You can also use 5 Bronx bus lines and plenty of Manhattan bus lines. On 125th Street there is a rail station of the Metro North Railroad, where you can get the 4,5 and 6 trains and also get regional trains to other counties in the vicinity.