38 West 39th Street

New York, NY 10018

212-581-3003

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Penn Station Office Space

250 W 34th St. 7th Ave. 1 Penn Plaza. Class A Office space 15,000 sq ft. for sublease

  • Upon request
250 W 34th St, New York, NY 10119, USA

1 Penn Plaza. Class A Office space 15,000 sq ft. for sublease, hi floor.  Plug and play opportunity with 2 large […]

  • 15000 Sq Ft
  • Upon request
  • Office Space
Details

Midtown Manhattan, Penn Station

2 months ago

W 33rd St, NY, NY, 7th Ave, Class B Office, Penn Station

  • $44/per SF
W 33rd St, New York, NY, USA

2,600 sf, – 5,000 sf,   Hi floor,  Office space for lease, Prebuilt unit with hard wood floors. Move-in condition, hi ceilings.

  • 2600 - 5000 Sq Ft
  • $44/per SF
  • Office Space
Details

Midtown South, Penn Station

2 months ago

W 36th St, Penn Station, NY, Class B Office space for rent 4000-8000 sf

  • $40 PSF
W 36th St, New York, NY 10018, USA

W 36th St, Penn Station, NY, Class B Office space for rent 4000-8000 sf Entire floor presence, in well-kept  centrally […]

  • 4000 - 8000 Sq Ft
  • $40 PSF
  • Commercial Loft Space, Office Space
Details

Midtown South, Penn Station

3 months ago

W 33rd St, New York, NY, 7th Ave, Penn Plaza office space for lease

  • $42/psf
W 33rd St, New York, NY, USA

2,500 sf, 5,000 sf,   7th floor, Lease term 5-10 yrs, Vacant, Office space, Recently built, efficient open plan with […]

  • 2500 sf
  • $42/psf
  • Office Space
Details

Penn Station

3 months ago
  • Upon request
West 31st Street, NY, NY, Penn Station, Class B Office for lease

West 31st Street, NY, NY, Penn Station, Class B Office for lease

  • Upon request
W 31st St, New York, NY, USA

West 31st Street, NY, NY, Penn Station, Class B Office for lease 3000 sf – 6500 sf for Lease, Hi […]

  • 3000 - 6500 Sq Ft
  • Upon request
  • Office Space
Details

Penn Station

4 months ago

Penn Station Office Space

Penn Station Office Space – Half a million city workers or even more walking through its office doors every weekday giving that Penn Station is the most extensive cross by hub in New York City. It is very convenient to lease office space near Penn Station. Having good employees is crucial, and companies are willing to pay high salaries, but one thing is essential, and that is going to work on time. For that, workers are choosing to ride the rails into Manhattan from Long Island or New Jersey. Four neighborhoods trapped Penn Station around Chelsea to the south, Hudson Yards to the west, the Garment District to the north, and Midtown South to the east.

There is a lot of New York office space positioned near Penn Station, including office buildings named on the area: One Penn Plaza, 14 Penn Plaza, 31 Penn Plaza, and 21 Penn Plaza. Located near 8th Avenue and 31st Street, Penn Station took over 500,000 passengers a day and attracted many tourists looking for nearby Madison Square Garden and Macy’s/ Herald Square. Famous art galleries such as the Matthew Marks Gallery, Gagosian Gallery, and luxury restaurants, bars, and shopping centers are nesting in this area. Lower rents in Penn Station are an ideal attraction for many companies, shop owners, and businesses hoping to become more office space friendly.

Penn Station Office Space for lease

High-end buildings with office space for rent are at this moment in Penn Station, such as Penn Plaza between 31st and 32nd St.;  1 Penn Plaza, 1001 Avenue of the Americas located near the Penn Station in the heart of vibrant Midtown West, other buildings are showing the opportunity to high-quality office space. The opportunity to rent an office space in New York gives ideal gap between cafeteria-style co-working spaces and corporate suites.

Demand and prices for office space for rent in Penn Station

All the major interest points in Midtown pushed the availability rate to 7%, as this is the lowest rate in all of Manhattan office space. With more than 465,000 square feet of New York office space for lease, it is with high-intensity activity.

The average commercial office space for rent in Class A and B  buildings in Penn Station is reaching near $70 per square foot. The Up and down prices do not defer investors, and the area is highly tempting to large companies like media, advertising and PR, architecture, and big pharma.

Transportation in Penn Station

Pennsylvania Station is also known as New York Penn Station, well known as the central intercity railroad station in New York City and the largest in the Western Hemisphere. Daily nearby trains are serving more than 500,000 workers per weekday. An interesting fact is that this magnificent hub of trains named for the Pennsylvania Railroad, original tenant, and Its builder, Penn Station serves several subway lines such as the Long Island Railroad, New Jersey Transit, and the A, C, E, 1, 2 lines.

 Eighth Avenue Line Vivid blue "A" train"C" train"E" train
Broadway–Seventh Avenue Line Tomato red "1" train"2" train"3" train

New York City Bus. If an alternative way to move from one point to another is need than MTA Regional Bus Operations buses are the choice near Penn Station, such as M7, M20, M34, M34A, and Q32. Some historical facts show that this area has 21 tracks fed by seven tunnels (the two North River Tunnels, the four East River Tunnels, and the single Empire Connection tunnel). The rail line here connects New York City with Boston, Philadelphia, Washington, D.C., and intermediate points.

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Penn Station Office Space
W 34th St. 7th Ave. 1 Penn Plaza. Class A 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%

30 E 60th Street, NY, NY Office Medical space for lease 500-25000 sq ft

  • 300 - 20,000 Sq Ft
  • $70/per SF
  • Medical Office Space, Office Space
Featured

30 E 60th Street, NY, NY, Retail, Art Gallery space for lease, UES

  • 1700 - 3500 Sq Ft
  • Upon request
  • Gallery Space, Retail Space

18 W 33rd St, New York, NY 10001, Office Medical space for lease 1400-2800 square feet

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

14 E 55th Street, Plaza District, NY, Medical office space for lease 2,000 + 2,000 sf

  • 2000 Sq Ft
  • Negotiable
  • Office Space, Showroom Space

11th Ave The Chelsea Piers Sports & Entertainment Complex, Loft – office – retail for lease.

  • 3000 - 10,000 Sq Ft
  • Upon request
  • Commercial Loft Space

Chelsea West 25th Street NY NY Class A Office space for lease

  • 4000 Sq Ft
  • Upon request
  • Gallery Space, Office Space
Featured

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