Downtown NY Office Space for Rent- Fall 2014

By Mitch Waldman
Downtown NY Office Space

Downtown NY Office Space

Downtown NY Office Space for Rent- Fall 2014 examines rents, availability and municipal incentive programs in Lower Manhattan. Downtown NY remains a “value-play” for business demanding more economical rents and leasing incentives when compared to elsewhere in the city. Additionally, substantially improved amenities (the Fulton Center, World Trade Center, parks, restaurants and apartments) are resonating with office users. 

Office Rent Statistics provided by Costar, the Commercial Real Estate Information Company.

Costar_Mid_Year_2014_A_B_C_DT_MT_MS 

 

 

 LMRP Incentive Program Reduces Cost of Downtown NY Office Space

Lower Manhattan’s Commercial Revitalization Program (LMRP) applies to qualifying leases signed in eligible buildings prior to March 31, 2016. On a 5- to 10- year lease (or longer) a Tenant will receive a total of $10.00 PSF in rent credits which are amortized over the term. For example, if you leased a 3,500 RSF office, a total of $35,000 in rent credits will be received. On a minimum lease term of 3 years the Tenant will receive a total of $5.00 PSF in rent credits. Link here for detailed information.

Choose From these 3 Categories of Downtown NY Office Space

Build-to-Suit Office:  The premises will be demolished and re-built by the Landlord with a design matching the Tenant’s needs. Landlords will usually provide an architect at no cost that plans the space. Link here for useful information.

Loft_Finishes

Loft Style Office

New Pre-built Office: The office is brand new and pre-built by the Landlord with a design that will attract a  Tenant. Conventional office space has acoustical ceiling tiles, carpeted floors and a mix of offices and open area. Loft-style offices have a more “open landscape” and frequently utilize high unfinished ceilings, concrete or wood floors, exposed duct work and glass walls.

 

2nd Generation Offices: Previously occupied offices that can be re-used. If their design is attractive (i.e rentable) the Landlord will often provide cosmetic work (carpet and paint) only. Alternatively, many Landlord will substantially modify an existing office design, but still benefit financially from salvaging specific components.  

Downtown NY Office Space for Rent- Fall 2014 

Wall Street- Boutique Class A Building 3,237 RSF Build-to-Suit. Boutique Class A Building

Wall Street- Boutique Class A Building.
3,237 RSF Build-to-Suit asking $38.

 

 

 

 

 

 

 

 

 

 

 

Broadway- Prime location, views & light! Class B Building. 12,500 RSF Build-to-Suit asking $58

Broadway- Prime location, views & light! Class B Building.
12,500 RSF Build-to-Suit asking $58.

 

 

 

 

 

 

 

 

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Wall Street- Landmark Class A Building. 5,803 New Pre-built asking $42

Wall Street- Landmark Class A Building.
5,803 RSF New Pre-built asking $42.

 

 

 

 

 

 

 

 

 

 

 

Wall Street- Modern Class A Building. 4,044 New Pre-built asking $44.

Wall Street- Modern Class A Building.
4,044 RSF New Pre-built asking $44.

 

 

 

 

 

 

 

 

 

 

 

Broad Street- Art Deco Class B Building. 5,335 RSF 2nd Gen Pre-built asking $41.

Broad Street- Art Deco Class B Building.
5,335 RSF 2nd Generation asking $41.

 

 

 

 

 

 

 

 

 

Williami Street- Elegant Class A Building. 4,010 RSF 2nd Generation asking $45.

William Street- Elegant Class A Building.
4,010 RSF 2nd Generation asking $45.

 

 

 

 

 

 

 

 

 

 

 

Best Strategy for Renting a Downtown NY Office

Cogent Realty Advisors is a NO FEE Tenant Representation firm with 15 years of experience leasing downtown NY office space. We will find you the best office with the optimal lease terms by utilizing our in depth market information, transaction expertise and negotiation skills. Phone us today: (212) 509-4049.

Posted in Downtown