Office Rental Rates in NY- 4th Quarter 2014

 Costar Group, the Commercial Real Estate Information Company reports that the NYC office vacancy decreased from 8.1% in Q3 to 7.8% in Q4 2014. The average quoted office rental rates in NY (all classes) was $55.91 PSF, an increase of .39% over $55.69 PSF in Q3.  

 

  

 

 

 

 

The Geographic Markets Listed in the Table Above include the following “Submarkets“:

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.

 

 

  

 

 

 

 

 

 

 

 

 

Largest Office Leases Signed in the 4th Quarter 2014

422,682 RSF lease by Amazon at 7 West 34th Street

254,589 RSF lease by Schulte Roth & Zobel, LLP at 919 Third Avenue

176,000 RSF lease by Bloomberg, LP at 731 Lexington Avenue

159,148 RSF lease by Mitsubishi Financial Group at 1221 Avenue of the Americas

123,000 RSF lease by J.P. Morgan Chase & Co. at 450 West 33rd Street 

 

Office Rental Rates in NY… IDEAS for Controlling Your Budget

(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.

 

Best Strategy for Leasing NY Office space

Cogent Realty Advisors has  provided NO FEE Tenant Representation  to New York businesses for over 15 years. By utilizing our extensive commercial office database and an established network of professional contacts, we will find you an office that satisfies your specific requirements. Contact Mitchell Waldman today:  (212) 509-4049.