Office Rental Rates in NY- 3rd Quarter 2014
Office Rental Rates in NY- 3rd Quarter 2014
Office Rental Rates in NY
3rd Quarter 2014
Costar Group, the Commercial Real Estate Information Company reports that the NYC office vacancy decreased from 8.4% in Q2 2014 to 8.1% in Q3 2014. The average quoted office rental rates in NY (all classes) increased to $55.69 PSF, up .06% over $55.37 in Q2.
Office Markets Defined:
Downtown: Financial, Insurance, City Hall, Tribeca and the World Trade Center.
Midtown: Grand Central, Plaza, Columbus Circle, Times Square, Penn Station/Garment Center, Murray Hill and United Nations Plaza.
Midtown South: Gramercy Park, Chelsea, Hudson Square, Greenwich Village and SOHO.
Uptown: Upper East Side, Upper West Side, and Harlem/North Manhattan.
INDIVIDUAL MARKET STATISTICS
LARGEST OFFICE LEASES SIGNED
448,819 RSF lease by Mount Sinai at 150 East 42nd Street
232,950 RSF lease by Hudson’s Bay Company at 225 Liberty Street
180,523 RSF lease by Paul, Hastings, Janofsky & Walker LLP at 200 Park Avenue
173,000 RSF lease by R/GA Media Group Inc. at 5 Manhattan West
152,232 RSF lease by Yelp, Inc. at 11 Madison Avenue
Office Rental Rates in NY… Strategies for Controlling Your Budget
Strategies for Saving
(1) Space Reduction and Redesign: Businesses are reducing the size of their offices by modifying the design and paring down the area occupied by each employee. Use our office space calculator to estimate your essential requirement. Hourly or daily rentals at off-site business centers for part-time staff and conferences is an option.
(2) Flex Work and Telecommuting: Flexible work schedules may allow two or more employees to utilize a specific work area. Where practical utilize telecommuting.
(3) Relocation: Downtown has many quality buildings for lease at a 20- 35% discount over midtown. The Lower Manhattan Commercial Revitalization Program offers total rent credits of $10 PSF for qualifying businesses.
OFFICE RENTAL RATES IN NY…Best Strategy for Leasing space
With over 15 years of experience providing NO FEE Tenant Representation, Cogent Realty Advisors will secure affordable office rental rates in NY for your business. Contact Mitchell Waldman today: (212) 509-4049.
