Renting an Office in the Garment Center
Renting an Office in the Garment Center
Renting an Office in the Garment Center
“Iconic Neede & Button Sculpture”
If your business is planing on renting an office in the Garment Center the information that follows will help you. The Garment Center sub-market includes the area from 42nd Street south to 30th Street and from Fifth Avenue to the Hudson River. While still home to American fashion, the neighborhood now has a diverse Tenant mix including professional services, media, advertising and technology which benefit from affordable rents and easy access to Penn Station and Port Authority transportation. Many restaurants and a staggering number of hotels line its streets. If the frenetic pace of the Garment Center does not suit you, explore relaxed Murray Hill to the east.
Renting an Office in the Garment Center
BY THE NUMBERS- Renting an Office in the Garment Center
Renting an office in the Garment is a good value when compared to other Midtown sub-markets. As of Q2 2014 the vacancy rate was 9.6% with an average asking rent of $48.46 PSF on direct leases. (The adjacent graph was provided by Costar, Commercial Real Estate Information Company.) Although the asking rents appear higher than one might expect, they are the average of all buildings, and Class A buildings are skewing the data because of their larger quantity of rentable square feet. Rents range from about $29.00 PSF in a small side street loft to an average of $53.65 PSF in Class A full service office buildings. .
SAMPLE SPACES & PRICING- RENTING AN OFFICE IN the garment center
40 West 39th St
2,000 RSF, Asking $36 PSF
237 West 35th St
2,480 RSF “Pre-built”,
Asking $39 PSF
286 Fifth Ave
4,500 RSF “Pre-built”, Asking $42 PSF
1 West 34th St
3,532 RSF “Pre-built”,
Asking $49 PSF
7 Penn Plaza
5,594 RSF “Pre-built”, Asking $51 PSF
110 West 32nd St 6,749 RSF “Build to Suit”, Asking $42 PSF
49 West 37th St
10,000 RSF “Pre-built”, Asking $42.50 PSF
10 West 33rd St.
13,500 RSF “Prebuilt”, Asking $42 PSF
1375 Broadway
22,204 RSF “Build to Suit”, Asking $54 PSF
BEST STRATEGY FOR RENTING AN OFFICE IN THE GARMENT CENTER
Renting an Office in the Garment Center
If your business plans on renting an office in the Garment Center contact the experienced NO FEE Tenant Representation Broker, Cogent Realty. Cogent will secure the optimal lease terms for you by utilizing in depth market information, transaction expertise and negotiation skills. Phone Mitch Waldman today: (212) 509-4049.
