Plaza District Office Space

Plaza District Office Space – The Plaza District is named by real estate professionals to denote an expensive area of Midtown from a commercial perspective and located between 48th Street and 59th Street, somewhere from Third Ave to Seventh Ave, about half a square mile. In the late 1920s, hiddenly was formed a commercial alcove 16th Street between Indiana Avenues and Blackwelder. After ten years at the beginning of the 1930s, Plaza District becomes a famous area in Midtown Manhattan, serving with prestige and top-notch entertainment.

You can expect high prices formed by the most welcomed business and tourist landing place in the world. If you need cheap office space for lease or rent, Plaza District is not that place. Almost every building is filling with high end apartments and offices, shopping at Barneys and Bergdorf Goodman, five-star meals in big and cozy restaurants, and expensive full-production new style local winery.

Finding the right Plaza District office space is not an easy job, but with some research, a proper building for rent or lease will pop-up in a couple of days in this area. The submarket is home to numerous multinational businesses and is dominated via monetary (hedge finances clustered along Madison Avenue) and law firms tenants, with a sprinkle of media and fashion corporations. Some of the largest tenants consist of JPMorgan Chase, Blackstone, and Lazard at the finance aspect; law corporations inclusive of Weil, Gotshal & Manges; CBS at the media front; and fashion retailer Polo Ralph Lauren.

Plaza District Office Space for lease/rent

The Plaza District is like a fly smells sugar. For example, the inventory is around: 90 million SF and there are about 13 million square feet of Class A and B of available office space for lease. High-profile tenants companies like Apple, IBM, or Bill Gates Microsoft are nesting there, filling lots of office space for rent. Skyscrapers are situated near to famous travellers arrival point like the Grand Army Plaza – Manhattan, Fifth Avenue,  Carnegie Hall, Rockefeller Center, Radio City Music Hall, and luxury hotels like The Plaza, JW Marriott Essex House New York, Parker New York, The Whitby Hotel, New York Hilton Midtown, Warwick New York, Four Seasons Hotel New York.

With availability levels effectively in front of the metro normal, costly leases, and a background marked by tenants moving outside the area, the Plaza District isn’t going into this downturn in a place of solidarity. In the subsequent quarter, occupancy levels were an effectively in negative area as just a single sizable rent was marked while enormous opening were put available, with almost 200,000-SF recorded at 390 Park Avenue.

The Plaza District office space led leasing activity in Manhattan for the fifth consecutive quarter in Q2 2019, with nearly 2 million square feet of office space already leased. Note that big deals were closing so far in 2019 include  renewals and the new expansion at 299 Park Avenue. Stunning views of Central Park, the pressure of shopping centres, five-star meals, and entertainment options give the Plaza District five stars for the perfect location.

Demand and prices for office space for rent in Plaza District

Large size commercial companies are giving all they can be willing to pay real money to occupy office space because this luxury location offers conveniences and proximity to famous destinations in the New York office space. Many are eager to follow through on a significant expense to connect their neighborhood business with a pined for Park Avenue, Madison Ave. or  Fifth Avenue address. Throughout the years, the interest for first class location just grows.

Plaza District office space Class A  average office asking rents is: $96 per square foot.

Class B office space average  asking  rents in the Plaza District: $74 per square foot.

The amount of available space to rent or lease is close to 13 million square feet, the percentage of vacancy is:  9.5%, which is a little less the Manhattan average of 10.5%. 

Transportation in Plaza District

Being within walking distance to iconic landmarks, shopping centres, dining, and entertainment options, Plaza District gives an array of accessible choices for transportation options. A variety of subway and bus stations served this hot-spot location and giving you an easy way to moving from one point to another. The M1, M2, M5, M7, and M57, and the 5th Avenue Station is located right at the beginning of Central Park on 59th Street.

Subway:  

Lexington Avenue/59th Street

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59th Street–Columbus Circle

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