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United Nations Office Space

E 45th St, 2nd Ave – UN Plaza Class B Office space for lease 2100-6200 sf

  • $46
2nd Ave & E 45th St, New York, NY 10017, USA

2100 – 6200 sf, Floors from 2 to 6 are 3100 sf  Floors from 7 to 11 are 2500 sf. One block […]

  • 2100 - 6,200 Sq Ft
  • $46
  • Office Space
Details

Midtown Manhattan, United Nations

4 months ago

United Nations Office Space

Another signature landmark building in Manhattan is the Secretariat Building of the United Nations.
Located in Turtle Bay, the 510-foot tall high-rise is a prominent view of Manhattan’s landscape and due to its fame, it has also given its name to a small district of administrative and office spaces on the bank of East River.
Housing the United Nations and many other subordinate international associations and committees since 1952, the Secretariat building is just one of several buildings being part of the UN Complex. An interesting fact is that the territory of the complex – although on American soil – is a special jurisdiction of the United Nations.
The Area named after the UN encompasses a bigger area than the complex and its boundaries lie on 5th Avenue on the West, East 42nd Street on the South and East River on the East. Its northern border is arguably either East 48th Street or 5 blocks more up to East 53rd Street. Nevertheless, the area is actually a big part of Manhattan Midtown East and you can encounter one place being allocated different area names.

Office Space for lease in United Nations, NYC

The United Nations area is home not only to the UN Complex of buildings but also to a large number of foreign embassies, diplomatic offices of foreign countries and also US administrative institutions – US Department of State, UN Office of Foreign Missions to name a few.
The area is determined as a business district, as you may notice the Chrysler Building, the MetLife Tower Empire State Building and the Bank of America Tower in the backyard.
With all that business gathered in one area, the place is a desirable location for companies who work in international relations; law firms and medical firms, international NGOs.
How all this is reflected in the market for office spaces for rent or lease?

Demand and prices for office space for rent on United Nations

The overall market on United Nations area asks between $75 and $95 per square feet for Class A office rent and approx. $67 for Class B office rent. There are plenty of options for office space lease in the area which varies largely on the size and building facilities. Be aware that office space supply is not abundant if your business needs a location close to the administrative complex. There is competition on the demand side as most of the office space is under long-term contracts from various diplomatic offices or NGOs. You can count an availability rate between 5% and 7%.
A good option, in that case, is to sublease office space from current tenants, seeking to lower their costs. Market rates are close to prices of $72 and $75 per square feet.

Transportation around United Nations

United Nations sits in the hearts of Midtown Manhattan and it is well connected with other parts of the city.
Grand Central Station is only 0.5 miles from the UN Complex. This major transportation hub provides excellent links to all parts of New York and the adjacent counties and states.
Car usage should be avoided as the traffic in Manhattan in business hours can be more than a hurdle.

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United Nations 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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