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Herald Square office space

18 W 33rd St, Herald Square, NY Office Medical space for lease or sale 1400-2800 square feet

  • Upon request
18 W 33rd St, New York, NY 10001, USA

18 W 33rd St, Herald Square, NY, 10001 Office, Medical for rent or sale  1400 sf – 2800 square feet  […]

  • 2800 Sq Ft
  • Upon request
  • Medical Office Space, Office Space
Details

Herald Square, Midtown South

5 months ago

Herald Square office space

Herald Square office space – Herald Square is situated by the crossing point of Broadway, Sixth Avenue, and 34th Street in the district of Manhattan. Named for the New York Herald, a now-old paper some time ago headquartered location there, it likewise provides its name to the encompassing region. Same Manhattan neighborhood is otherwise called a shopping and tourist area and  the most lavish spots in NYC.

With its perfect Manhattan location is very active place in NYC and is offering high-quality commercial real estate opportunities to lease. Important buildings are located here by attracting over 100k office workers each day. The most well known place in this region is Macy’s Herald Square, two plus million S.F. structure, which is the lead of the Macy’s retail chain and its base location.

Office Space for lease in Herald Square

Since Herald Square office space is a piece of the Midtown Manhattan business land market and it is home for some famous and mainstream places of business, it offers outstanding amongst other office spaces for lease. The greater part of them are situated in high-end structures like Class A office buildings. Midtown Manhattan as of now is an area with inventory close to 300 mill square feet of office space altogether. A fascinating actuality this is the greater part of New York City’s complete office space stock!

The level of vacancy is close to the normal in Manhattan – around 10.5%. A great deal of office limit potential is normal here in light of the fact that designers were chipping away at including in excess of 10-15 million additional square feet of office space over the most recent couple of years. Herald Square region with its advanced office space is drawing in companies in the innovation, media and promoting enterprises.

Demand and prices for office space for rent in Herald Square

The difference of these prices is minimal, if  you check  the available commercial property databases, you will find out  that Herald Square office space lease rates are very similar to the average prices for New York.

The median price to rent Herald Square office space is around:  $70 per square foot,

Class A building rentals are: $80 per SF. 

Class B office space for lease is:  $65 per SF. 

Class C office space for rent starts at:  $45-50 per SF. 

Herald Square office space Inventory: around 6 million SF,  available space: 1 million SF, Vacancy Rate: 10.5%

The office space in Midtown has currently good availability for new renters.

Transportation around Herald Square

Herald Square is accessible and comfortable by walking. The public transportation is accessible by its own subway station: the 34th Street – Herald Square station, which is served by the B, D, F, M, N, Q, R, and W trains. Explorers can likewise utilize the close by 34th Street Station, served by the PATH. Herald Square is excellently located close to Port Authority, Pennsylvania Station, and Grand Central Terminal – one of the busiest transportation hubs in NYC and the most visited tourist attractions in the world. Penn Station additionally gives admittance to the 1, 2, and 3 trains, just as Amtrak train administration for suburbanites.

Herald Square office space
Herald Square office space
Herald Square 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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