Office Rental Rates in the Plaza District
Office Rental Rates in the Plaza District
Pulitzer Fountain with Plaza Hotel in the background
Office Rental Rates in the Plaza District at the end of the first quarter of 2016 increased less than 1% over the quoted rent at the end of 2015. This long awaited respite portends a market that is close to its peak. As reported by Costar, the Commercial Real Estate Information Company, the average rent in the first quarter of 2016 was $70.73 per rentable square foot (PSF) compared to the year end’s $70.11. Vacancy in first quarter of 2016 was 7.1% compared to the year end’s 7.0%
Plaza District Office Market Snapshot:
The table below provides more detailed information.
pLAZA dISTRICT
Sub-market Map
The Plaza District has NYC’s highest concentration of financial, legal and public companies. They come for its elegant restaurants, luxury stores and services. The Plaza District stretches from Fifth Avenue to the East River and 47th to 66th Street.
SAMPLE PLAZA DISTRICT OFFICES FOR RENT
34 East 51st Street
New Class A boutique building. Private floors of 2,641- 4,767 RSF.
Rent from $100.
10 East 53rd Street
Class A, 1972
2,055 RSF Pre-built
Call for rent.
135 East 57th Street
Class A, 1988
13,260 RSF “Test Fit”
Asks $75
110 East 64th Street
Class A, 1994
12,306 RSF “Test Fit”
Call for rent.
1270 Sixth Avenue – Rockefeller Center
Class A, 1931
4,735 RSF Pre-built
Call for rent.
587 Fifth Avenue
Class B, 1920
Private floors 4,000- 4,500 RSF
Asks $54
540 Madison Avenue
Class A, 1970/1999
2,723 & 4,227 RSF Pre-built
Call for rent.
375 Park Avenue
Seagram’s Building
Class A, 1958
1,927 RSF, Pre-built
Asks $175
570 Lexington Avenue
Class A, 1958/1990
Brand New Pre-builds
Call for rent.
About Cogent Realty Advisors
Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing NYC businesses that lease office space. Our goal is to secure the right office for your business at the right price. For information, phone Mitchell Waldman at (212) 509-4049.
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