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Times Square Office Space
Times Square Office Space – Another signature place in Manhattan, New York is Times Square, whose history lies deep in the roots of modern history. Once called Longacre Square, the now-iconic square has seen very different levels of its reputation. Barely someone remembers that it was not until the mid-90s, when the place started to be a desirable location. Previously it was facing high rates of crime and violence, until it was decided by then-mayor Rudolph Giuliani that it deserves better. Existing theatres started to be re-developed into modern ones until the place become how many people know it today.
Times Square is now a major attraction due to its concentration of commercial and entertainment shops and a major point of interest for tourists due to its recent fame. In the property business, Times Square designates not only the famous square itself, but a broader area in Midtown Manhattan – bordering on the South – W 42nd Street, on the North – W50th Street, on the East – Sixth Ave., and on the West – Eighth Avenue.
On some days it can be that half a million people pass by the area! You can imagine the attraction potential of the area. Given the high rate of pedestrian traffic, you can expect this to be utilized by many companies in the entertainment sector. Notable investment banks and publishing houses have their presence in the area. Of course, it can be a matter if public prestige to have your offices being in that area. The landscape is characterized by skyscrapers followed by historical buildings, which now house theatres, museums and hotels. How all this is reflected in the market for office spaces for rent or lease?
As we said, Manhattan is attracting a lot of new tenants every year and the demand for retail and office space is continuing to grow year-over-year so you could expect it reflected on the prices. The vacancy rate: in Times Square office space is a little less from that of the whole Manhattan –10.5% for the whole Manhattan in Q4 2019 versus 7% to 8% for Times Square (depending on which part you are looking at).
With an inventory of almost 25% of the office space in Midtown, Times Square office space is not to be overlooked.
The average market on Times Square asking rent: $87 per square feet for Class A office rent, and between $56 and $66 for Class B office rent.
The normal rent costs in Midtown Manhattan: $96 for Class A and $74 per SF for Class B office space, Times Square office space is a decent other option, if your financial plan doesn’t permit you to follow through on premium costs. From the available office space, almost 2/3 can be sublet, so this is a good opportunity for companies, not requiring big office spaces, but rather looking for a convenient location. If your business depends on high bandwidth internet speed, you have to be carefully choosing as not all buildings can offer it due to their age.
Times Square sits in the hearts of Midtown Manhattan and it is well connected with other parts of the city. Subway lines B, D, E and F can swiftly let you travel whenever you want. Public bus lines are also available – lines M1, M2, M3 and M4 go all along the neighboring 5th Avenue.
You can likewise cycle and stroll by foot on the off chance that you are in the region as there are numerous people on foot walk territories here.