Tech and Media Offices in Downtown NY
Tech and Media Offices in Downtown NY
Tech and Media Offices in Downtown NY are a major segment in the leasing market. As reported in the Wall Street Journal, 1.63 million square feet of downtown space was leased to tech companies in 2014. The primary impetus for this activity is economic: at the close of 2014, average asking rents for downtown office space was $47.97 PSF compared to Midtown South (the TAMI epicenter) at $61.50 PSF. And the “Tenant Incentives” provided with a downtown office lease are usually more generous. Most Landlords will “build to suit” an office with a 7- 10 year lease. This can be compared to Midtown South’s typical “white box” condition spaces where construction and finishing is often paid for by the Tenant. Added incentives in qualified buildings include the Lower Manhattan Commercial Revitalization Plan which yield rent credits of $10.00 PSF with a minimum 5 year lease term. Note: This program ends March 31, 2016.
Designs Utilized in Tech and Media Offices
As reported in Entrepreneur Magazine “The office of the future may not be about trappings or technology as much as the exchange of ideas, with a focus on employee engagement–what some experts are calling the “new sustainability.” It started with the “open office” movement and now walls continue to be eliminated and staffing hierarchies are flattening out. Even some traditional corporations are adopting new work-place designs to compete for top talent.
Selected Downtown NY Tech and Media Offices
Vesey Street
Class A/5-Star
New Office
17,709 RSF asks $57
Broad Street
Class B/3-Star
New office
6,100 RSF asks $43
Wall Street
Class A/4-Star
New Office
5,803 RSF asks $45
Broadway
Class A/4-Star
Proposed Office
2,200 RSF asks $48
Pine Street
Class A/4-Star
Pre-built Private Floor
21,750 RSF asks $44
FINDING Tech and media offices that are right for you
Cogent Realty Advisors has provided NO FEE Tenant Representation to New York businesses for over 15 years. By utilizing our extensive commercial office database and an established network of professional contacts, we will find you an office that satisfies your specific requirements. Contact Mitchell Waldman today: (212) 509-4049.
