Rental Rates for Office Space in Downtown NYC
River-to-River it’s the best value.
By mid-year 2013 the average asking rental rates for office space in downtown NYC was $40.52 per square foot (PSF). Downtown includes the World Trade Center, Financial and Insurance District, City Hall and Tribeca. In reality this number has been distorted by 2.3 million SF of vacant and expensive Class A space remaining at One and Four Word Trade Center.
Actual numbers for quality Class B buildings on Broadway and Wall Street is $36.62 PSF. This should be compared to Midtown (Grand Central area) at $48.80 and Midtown South (Chelsea and Flatiron) at $55.78. But citywide rent comparisons tell only part of the story.
Most downtown buildings offer a rich amenity package including a 24/7 doorman, renovated lobbies, upgraded building systems, central air conditioning, heavy internet/telecom infrastructure and nightly office cleaning. And, a typical 5- 10 year lease in the Wall Street area will include an office that has been “built-to-suit” for your business by the Landlord at its own expense.
Sometimes a Landlord will renovate an existing “second generation” office and offer it at a discount or for a shorter term of 3 years.
Looking For QUALITY Office Space in DOWNTOWN NYC?
Contact Mitch Waldman at Cogent Realty Advisors for info about availability and rental rates. (212) 509-4049. In our opinion downtown ranks as the best value for office space in NYC.
Summary – Rental Rates for Office Space in Downtown NYC
• Downtown Rental Rates – $40.52 Average PSF
• Class B Rental Rates – $36.62 (Broadway and Wall Street)
• Midtown Rental rates – $48.80 Grand Central Area
• Midtown Rental Rates – $55.78 Midtown South Chelsea & Flatiron