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Meatpacking District Office Space

  • Upon request
1 Meatpacking District Class a office

# 1 Meatpacking District Class a office space for lease

  • Upon request
Meatpacking District, New York, NY 10014, USA

# 1 Meatpacking District Class a office space for lease 5000 – 10,000 sf   High floor  #1 Meatpacking District Class […]

  • 5000 - 10,000 Sq Ft
  • Upon request
  • Commercial Loft Space, Office Space
Details

Meatpacking District

8 months ago

Meatpacking District Office Space

Meatpacking District Office Space – As a former center of the Manhattan meatpacking industry, Meatpacking District is named like this way. It is located on the far west side of Manhattan, bordered by Chelsea to the north and the West Village to the south. The neighborhood today is a place where can be seen interesting industrial buildings, which are an important part of the history of the area and add to its character like no other place in New York City! The districts’ office buildings are renovated as a home to many technology companies.

The Meatpacking District is today full of activity – such as wide range of restaurants and nightlife venues. The area is attractive for many tourists because of its  nightlife restaurants, nightclubs and for many businesses because of its unique historical industrial type office space.  Last two decades style and image designers, architects, art creator , restaurant owner, global-famend stylists, business headquarters  relocated to Meatpacking District. At the time, previously industrial buildings are inviting  companies who are searching out an extra innovative form of office area.  In the last few years the Meatpacking District transformed into the brand new home of the Whitney Museum, one of  Manhattan’s most prominent insignia of arts.

Meatpacking District Office Space for lease

Because Meatpacking District office space is offering old historical buildings for rent, they are ready to be reorganized by the wishes of the new rental businesses. Most of them are industrial buildings with loft type and great spacious interior. Because of the creative possibilities they are providing many businesses see them as one of the best shared office space for rent in Manhattan. Many technology companies are also looking to lease in this part of New York City.

Demand and prices for office space for rent in Meatpacking District

Meatpacking District is a very popular and demanded place for office space for lease in New York City. This explains why the price is going up in last decade.  Office space for lease availability  has rapidly dropping  in last few years. Because of  very little inventory of office space. Keeping in mind this, an average price of $86 per square foot looks to be reasonable in this part of Manhattan. This is around the average for New York City office spaces for rent as a whole.

Meatpacking District office space Inventory:  around  1.4 million SF,  available space: 350,000  SF, Vacancy Rate: 19%

Transportation in Meatpacking District

The public transportation options in the Meatpacking District include subway and bus lines. The Line is served by the  L, as well as the A, C and E subway lines, making it extremely easily accessible. The nearby Chelsea Market is also accessible very easily from this part of Manhattan, the Whitney Museum, and to the shopping, dining and entertainment areas within the district. It is a walking-friendly district because of its high level of activities.

Eighth Avenue Line"A" train"C" train"E" train

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Meatpacking District Office Space
Meatpacking District 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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