foot. Overall, Downtown Manhattan office space is most ideal for commercial tenants in financial and government services due to unmatched proximity to New York City’s core infrastructure. With the median at $555 for one square foot of home, you should be able to get a perfectly spacious apartment in Inwood for just under $500,000. Metro Manhattan Office Space, Inc. has access to every commercial listing in Manhattan whether you are seeking a Class A, Class B building, a below market sublease, we can find you cheap office space in NYC. At 26 stories high and 555,750 square feet in size, it offers plenty of offices in a great downtown NYC location. 3,000 x $25.00 = $75,000 per year for rent. The famous Madison Avenue, known as a hub for the advertising industry, runs through Midtown East. Total average rent for Class A office space in Lower Manhattan last year hit $51.65 per square foot, according to new market research by Savills Studley provided exclusively to Commercial Observer. Lower Manhattan stood out as the lone market where asking rents increased year-over-year (up 6.8 percent to $63 per square foot), as all five of its submarkets recorded gains. Office rentals in Class A buildings average at just over $100 per square foot, and Class B buildings average at a little over $65 per sq. Built in 1912 and designed by renowned architect Daniel H. Burnham, the building features neo-classical ornamentation and a gorgeously carved main entrance. It stands at 54 stories tall and is the second-tallest building in the Rockefeller Center complex. Statistically speaking, that’s three times more space than you’d get for the same amount of money in SoHo , the city’s most expensive neighborhood, where the median price per square foot is $2,023. The rise and development of fintech companies, and their rapid capitalization may well result in the stabilization of office space here and a new evolution for the Financial District. The largest deal that occurred in the Plaza District last year was Wafra’s sale of the Coca-Cola Building to SHVO for $937 million – just a few weeks after Wafra initially purchased it for $909 million. Ben Fractenberg/THE CITY. The Downtown Lower Manhattan Association works toward a vibrant business community in Downtown Manhattan by providing networking opportunities, spearheads public projects, and serves as an advocate for Lower Manhattan. It’s up to you to weigh the many options, from the size and style of the office space to building amenities and the neighborhood vibe. Eventually, European settlers journeyed to the area. It houses more than 420,000 square feet of leasable space. Construction underway in Times Square, June 22, 2020. Average asking rents of office space Downtown hit an all-time high of $62 per square foot in May, according to a new CBRE report which talked up Lower Manhattan’s continued, growing appeal to technology and media industry tenants. This is likely due to Chelsea’s lower average rent of $77.51 per sq. Class A+ Office Rents Jump 9.5% in 1 Month. Median asking price per square foot: $555; Cost for 900 square feet: $499,500; Manhattan’s northernmost neighborhood also happens to have the southernmost price per square foot. The average asking rent is just under $96 per square foot. The average asking rent in the office space complex is $82 per square foot for spaces available. Notable companies with headquarters or offices in Lower Manhattan include Investment Technology Group, Condé Nast, Goldman Sachs, Hudson’s Bay Company, Spotify, Verizon Communications, PR Newswire, AOL, Group M, and IBT Media. Downtown Manhattan property is cheaper at just over $65 per sq. Tribeca offers a haven for walkers and bikers, as well as a variety of transportation options via train, bus, PATH, and ferry. Take trains A, C, J, N, Q, R, W, Z, 1, 2, 3, 4, 5, or 6 to access 26 Federal Plaza. Contact us for pricing or a tour. There are few things more iconic than the Manhattan skyline. Business leaders estimate about 15% of workers have returned to offices in recent weeks. The World Trade Center Transport Hub provides a connection for the 2, 3, 4, 5, A, C, J, Z, N, R, W, and PATH trains. The newest—and tallest—landmark in Lower Manhattan is One World Trade Center, which opened to the public in late 2014. Over half a million square feet of space are currently under construction as well. In New York, office subleases are arranged directly with a current office tenant and may lack the assurances that come with a direct lease through a landlord. The price per square foot surpassed the $1,000 mark for the first time in five quarters. Widely considered the financial center of the world, FiDi offers some of the most affordable office space in Lower Manhattan at rents averaging just under $58.75 per square foot. 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