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Leasing Offices in Downtown New York City was compiled using data provided by Costar, the Commercial Real Estate Information Company.Downtown NYC Snapshot: January 1, 2016 $50.45 Average quoted asking rent. 9.1% Total amount of vacant space.
“Downtown NYC” is comprised of five sub-markets or districts: City Hall, Financial, Insurance, World Trade and Tribeca. The average quoted rent in the table includes Class A, B and C office space. Retail (store) spaces are excluded.
Follow the Leader: As industry leaders relocate to downtown, small- and mid- size companies follow. Large new leases in 2015 included: WeWork, Teachers Retirement System of NYC, Gucci America, Moody’s Investor Service and Morgan Stanley Smith Barney LLC. Notable leases in 2014 included Citigroup, Group M, Conde Nast and Time Inc.
Progress completing the World Trade Center Complex: One- Four- and Seven- World Trade Center are completed with a combined 7,038,168 rentable square feet (RSF) of office space. Two World Trade Center is nearing completion and will add another 2,861,402 RSF.
Modern Transportation: 2016 will bring the opening of Santiago Calatrava’s WTC hub. The Fulton Transportation Hub was completed in 2014.
Development: The Aloft Manhattan Downtown and the landmarked Beekman have added more hotel choices for visitors. Recently announced residential conversions include the One Wall Street with 524 rental units and 20 Broad Street.
Restaurants, Shopping & Life-Style Amenities: Too many to name! Link to the DOWNTOWN ALLIANCE.
Downtown Office Rent Rebate: The Lower Manhattan Commercial Revitalization Program has been extended until March 31, 2018. Participation in this municipal incentive will result in your company receiving $10.00 PSF in rent credits during a five- (5) year lease. Link HERE for information.
STRATEGY FOR LEASING OFFICES IN DOWNTOWN NYC
You will save valuable time, energy and money by using Cogent Realty to find office space and negotiate your lease. Cogent has an extensive Building and Landlord database as well as current “closed deal” contract information. Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 15 years of experience representing NYC businesses. Contact us today: (212) 509-4049.
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