Penn Station & Fashion District

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…

Renting a 7th Avenue office near Penn Station is usually motivated by these factors: (1) the proximity to Penn Station transportation; (2) reasonable rents in high quality  “Avenue” buildings; (3) the need to have a showroom or office with a “Fashion Avenue” address.   There are still hundreds of fashion businesses renting a 7th Avenue office, as well as…

Renting an Office in the Garment Center 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…

High Value Office Space near Penn Station In the blog NY Office Rental Rates Year-end 2013 I reported on the continued increase in rents citywide. Not withstanding, a handful of portfolios, almost all of which are family owned, still offer below market rent. These Landlords are able to do so because they have owned the…

New offices for media and technology in the Garment District The Garment District (Ninth Avenue to Broadway, 35th- 42nd) is delivering new offices for media and technology businesses which are replacing the dwindling number of fashion Tenants. The influx is fueled by an exodus from areas where rents have skyrocketed. According to Costar, in Q3 2013…

Best Penn Station Office Space Finding the best Penn Station office space is straightforward when your criteria are limited to: (1) a one square block boundary around the station; and (2) the highest quality office buildings. The most compelling reason to locate your office here is the immediate access to transportation to/from NYC and within the…