Office Rental Rates near Penn Station in Q3 2014
Herald Square
Office Rental Rates near Penn Station in Q3 2014 increased minutely over the prior quarter. In Q3 the average quoted rent (across all building classes) was $48.79 PSF, up 1.05% over $48.28 in Q2. The district recorded a 7.9% vacancy rate spread over 447 buildings with 68,997,436 square feet of space. (Information provided by Costar.) Demand for office space near Penn Station is strong because of the areas comparatively affordable rents and easy transportation connections to New Jersey, Long Island and Westchester.
Penn Station Sub-market
Office Rental Rates near Penn Station, Q3 2014
Penn Station Sub-market
Class A $54.95
Class B $51.51
Class C $40.74
TOP OFFICE LEASES SIGNED IN PENN STATION SUB-MARKET DURING 2014
2 Penn Plaza. Madison Square Garden, Inc.leased 257,541 RSF.
330 West 34th Street. New York & Company leased 178,342 RSF.
450 West 33rd Street, aka 5 Manhattan West. R/GA Media Group leased 175,000 RSF.
One Penn Plaza. Publicis Groupe leased 113,945 RSF.
SAMPLE OFFICE SPACES NEAR Penn station
The Penn Station office market has a truly diverse selection of buildings. The most desirable Class A and B buildings are found on Seventh Avenue, Broadway, Fifth Avenue and in close proximity to Penn Station. Eighth Avenue between 34th and 40th Street contains a small number of full service quality office buildings, but the frenetic sidewalks discourage many prospective Tenants. Side streets have older loft buildings, some of which have been handsomely restored and modernized..
40th & Fifth Ave
Class B Office Building
6,667 RSF, asks $55
40th & Sixth Ave
Class A Office Building
7,620 RSF, asks $58
39th & 7th Ave
Creative Loft
2,702 RSF Asks $38.50
38th & 8th Ave
Creative Loft
5,000 RSF, asks $27 PSF
35th & Fifth Ave
Finished Loft w/13 ft Ceiling
8,400 RSF, asks $42
- Fifth Ave & 34th St
Class B Office Building
3,532 RSF, asks $49
Broadway & 37th St
Class B Office Building
7,723 RSF, Call for price
Sixth Ave & 37th St
Class B Office Building
12,017 RSF, Asks $50
Furniture Included!
Seventh Ave & 31st St
Class B Office Building
5,594 RSF, asks $53
STRATEGY FOR LEASING AN OFFICE NEAR PENN STATION
Cogent Realty Advisors has provided NO FEE Tenant Representation to New York businesses for over 15 years. We are prepared to find you the optimal work space at an affordable price. Contact Mitchell Waldman today: (212) 509-4049.
