Question 1

Where to Rent an Office Space in New York City?

Accepted Answer

One of the hardest things about leasing office space in New York City is narrowing down the location, as there are so many great districts. Whether searching for the most affordable small office space rental or the most lavish Class A office building, the options are endless. But before a trip to any rental office, it’s best to have a broad view of what is available to you, so here’s an introduction to some of the top areas for NY office space rentals.

Financial District

Anchored by Wall Street at the southern tip of Manhattan, the Financial District—sometimes abbreviated as FiDi—is arguably the world’s leading financial center. It’s home to the New York Stock Exchange, the Federal Reserve, and NASDAQ, as well as numerous banks, hedge funds, and tech startups. New York’s Financial District is a popular and affordable location to lease office space, with the average asking rent just over $61 per square foot. Whether seeking a single office space for rent for your New York City startup, or a whole floor for an established firm, the Financial District is a great place to look.

Flatiron District

Named for the triangular Flatiron Building at the intersection of 23rd Street, Broadway, and Fifth Avenue in Manhattan, the Flatiron District is the heart of Silicon Alley, the technology sector of  New York City. Flatiron office spaces for rent commonly have high ceilings and open floor plans, making them popular among advertising agencies, startups, photographers, and businesses that regularly bring clients to the office. In addition to direct leasing options, Flatiron is home to several coworking and flexible office providers, giving businesses a range of options on lease length and cost.

Midtown

Midtown Manhattan is the largest central business district in the world—not to mention a massive entertainment and commercial hub. It is home to the Broadway theater district in Times Square, the United Nations in Midtown East, and famed New York City landmarks like the Empire State Building, Rockefeller Center, Grand Central Station, Bryant Park, and Madison Square Garden. It is also a great place for renting offices!

Along with the Plaza District, Midtown provides space for television networks, fashion, biotechnology, insurance, accounting, and more. The average asking rate to rent office space in Midtown New York City is just under $86 per square foot. In addition to MTA subways, Midtown has Pennsylvania Station, Grand Central Terminal, and the Port Authority Bus Terminal. Midtown office spaces give employees access to nearly unlimited options to benefit their work/life balance, including top-rated restaurants and outdoor space in Central Park and on the High Line.

SoHo

Office space in SoHo is at a premium, since trendy SoHo is one of the most popular neighborhoods on the planet to rent. The upscale neighborhood exudes style, luxury, artistic flair, and a hip New York City sensibility. For Class A buildings in this area, the cost to rent is just over $101 per square foot, and a little over $79 for Class B office rentals.

Hudson Square

The SoHo and Hudson Square neighborhoods of Midtown South represent a hub for New York City culture and business. Numerous high-profile technology, finance, advertising, consulting, and retail firms are based in the area. The average rental office price per square foot is a little under $96 in this area.

Chelsea

Chelsea is a fantastic choice if you are seeking an office for rent. You can get an office here for an average of just under $78 per square foot. Easily accessible and bursting with diversity, Chelsea is home to tech firms such as Google and Twitter. The area is known as one of the city’s centers for art and culture, and the neighborhood is home to more than 200 galleries.

DUMBO

Short for “Down Under the Manhattan Bridge Overpass,” DUMBO has quickly become one of the trendiest mixed-use neighborhoods in New York City. Former warehouses are now office spaces for ad agencies, boutique retailers, cafes, and art galleries. DUMBO is also home to Washington Street, an iconic street with an irresistibly photogenic view of the Manhattan Bridge. DUMBO and Downtown Brooklyn are most accessible from the 2, 3, 4, 5, A, C, F, and R trains.

Long Island City

Located in the Southwest corner of Queens, Long Island City (Hunters Point) is conveniently close to both Brooklyn and Manhattan, and a fast-growing hub for NYC office space. Long Island City is home to a wide range of companies and an area with numerous corporate real estate projects underway. The neighborhood can be reached on the G, F, 7, N, R, W, E, and M trains, as well as via the Long Island Rail Road.

Garment District

Major fashion brands such as Calvin Klein and Nicole Miller have offices in the Garment District, an area where global brands operate showrooms and create designs Textile manufacturing no longer thrives here, but property have been filled by media, advertising, and technology companies. The nearby Hudson Yards redevelopment project is also flooding the area with new Class A buildings and is becoming a very popular destination for hedge funds. You can get space in the Garment District for around $74 per square foot.

Grand Central

Grand Central Station is an iconic transit center in the heart of Midtown, known for its dazzling Grand Concourse ceiling and the Tiffany Clock above its entrance. Officially named Grand Central Terminal, locals prefer Grand Central Station or just Grand Central. You can get an office lease here for an average of $84 per square foot.

Midtown South

Midtown South encompasses Manhattan neighborhoods such as Chelsea, Gramercy Park, Hudson Square, Greenwich Village, and SoHo. Numerous tech, media, fashion, and marketing firms are vying to grab offices there.

Question 2

How much does it cost to rent office space in NYC?

Accepted Answer

Based on publicly available commercial real estate leasing data, the average asking rent for New York office space is around $80 per square foot, and units in Class A buildings are a little under $90 per square foot. Businesses looking for more budget-friendly options can take advantage of 155 million+ square feet of Class B space for rent—average asking office rent for these spaces in New York City is around $65 per square foot.

Additionally, office subleases present a cost-effective, short-term option for fast-growing businesses that want added flexibility. However, office subleases involve renting through current tenants, which isn’t ideal for every business.

Question 3

How do I get office space in NYC?

Accepted Answer

The best way to explore all of the office space options available to you is to work with a tenant broker — they possess extensive knowledge of the NYC commercial landscape and can help you find your company's ideal office space at the best price possible.

Question 4

How do I rent office space in New York?

Accepted Answer

If you are having trouble finding office space in New York, SquareFoot can help you with our database of online listings. More broadly, there is no one definitive answer to this question, as there are many factors to consider when looking for office space in New York City. However, some key tips to keep in mind include:

Do your research: When looking for office space in New York, it is important to do your research to get a better understanding of the market. There are many different neighborhoods (and boroughs) to choose from, so it is important to narrow down your search to a few specific areas. You should base the areas you’re looking in off of where your employees are located, where your clients are located, and what you expect to spend.

Consider your budget: New York office space is some of the most expensive in the country, so it is crucial to consider your budget when looking for space. There are many options available, but you will have to adapt your search to make sure the options you are looking at fit within your budget. For example, if your budget is limited, consider Class B or C office options, or look at spaces in less central neighborhoods.

Know what amenities you need: When looking for office space, it is important to consider what amenities you need and want. Do you need private offices, lots of collaborative workspace, or conference rooms? Will you need 24/7 access or a dedicated reception area? Make sure to ask your broker about all the available options before making a decision.

Question 5

How do I find the right office space in New York?

Accepted Answer

Hiring a tenant broker is the best way to find the perfect office for your company. Tenant brokers are experts in the market and will help you navigate all of your options while securing you a great deal on spaces that meet your needs.

Question 6

Which are the most popular neighborhoods in New York, for renting office space?

Accepted Answer

Flatiron District is the most popular neighborhood to rent office space in New York City. The other neighborhoods taking up the top 5 spots are SoHo, Midtown, Chelsea, and FiDi.

Question 7

What are coworking options in New York?

Accepted Answer

SquareFoot can help you find coworking space in New York City. Notable options include WeWork, the Farm SoHo, NeueHouse, Cubico, Convene, the Wing, etc.

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