Downtown NY Office Space
Downtown NY Office Space
Downtown NY Office Space
The availability of downtown NY office space is contracting according to Costar and rents are increasing. As of March 2014 the average asking rent in the Financial, Insurance and World Trade Districts across all building classes was $42.23 per rentable square foot versus $39.14 in 2013. Even though many long-time area business are balking at current rents, comparable office space in midtown is now averaging $61.08. As a result, leasing volume is being driven by relocating midtown firms as well existing downtown Tenants with few other low rent alternatives.
Floor plans & pricing of sample downtown NY office space is shown below.
Downtown NY Office Space on Wall Street
10,000 RSF Private Floor
Build-to-suit
Asking rent $37 PSF
4,546 RSF
Pre-built Office
Asking rent $36 PSF
7,676 RSF
Law Firm Office
Asking Rent $35 PSF
Downtown NY Office SPace on Broad Street
3,200 RSF
Pre-built Office
Asking rent $38 PSF
4,765 RSF
Pre-built Office
Asking Rent $38 PSF
Downtown NY Office Space on Broadway
2,432 RSF
Pre-built Office
Asking Rent $44 PSF
1,216 RSF
Pre-built Office
Asking Rent $34 PSF
6,993 RSF
Pre-built Office
Asking Rent $42 PSF
7,000 RSF- Will Divide
Build-to-suit
Asking rent $34 PSF
Save Even More By Using this Municipal Incentive Program:
When your business relocates in Downtown NY it may be qualified to receive a total of $10 PSF in rent credits amortized over a 5 year term. Link here for information about the Lower Manhattan Revitalization Plan.
Recommended Strategy for Leasing Downtown NY Office Space
By using an experienced Tenant Representation Broker you can be assured of the optimal terms when you are leasing downtown NY office space or other locations in NYC. Cogent Realty Advisors is a NO FEE Commercial Broker with over 15 years of success representing local business. Contact Mitchell Waldman today: (212) 509-4049.
