Renting an Office near City Hall and the Courts in NYC

Renting an Office Near City Hall and the Courts in NYC

Companies that are planning on renting an office near City Hall and the Courts in NYC will find that: (1) vacant office inventory is scarce; (2) this sub-market contains the highest concentration of small law firms in NYC; and (3) the majority of buildings are pre-war and rated as Class B or C quality.

 

 

 

 Scarce Inventory Makes Renting an Office More Expensive

 As the graph demonstrates, the current vacancy rate in buildings located within the boundaries of Vesey to Canal Street and Church to Lafayette Street is 2%. And renting an office here has become more expensive: today’s average asking price is $42.80 PSF compared to $34.60 in 2010. This mirrors the trends throughout NYC where rental rates have increase as the economy emerged from the recession. Additionally, City Hall Landlords have always benefited from “captive” lawyers that must have an office within walking distance of the courts and municipal buildings.

 

Renting an Office: Comparing Sample Buildings 

Building	Class & SF	Asking Rent	Remarks
217 Broadway	B & 112,000	$37	Elegant , professional tenants
225 Broadway	B & 516,600	$38- 45	Busy, mostly legal services
233 Broadway	A & 935,633	$43	Landmark, top quality, diverse tenants
11 Park Place	B & 205,000	$33	Good value, side street
86 Chambers St.	B & 462,000	$38	Midblock
299 Broadway	B & 231,200	$42	Corner, diverse tenants
401 Broadway	B & 230,200	$48	Legal, SOHO creative & Asian businesses

 

Strategy for Renting an Office in a Highly Competitive Market

Renting an office in a highly competitive market is best accomplished by using a knowledgeable licensed Broker that can identify the best office spaces for your business and negotiate the most advantageous lease. Cogent Realty Advisors is a Tenant Representation firm with over 15 years of experience. Contact Mitchell Waldman today: (212) 509-4049.