Midtown East, an area of Midtown, is a popular office space location, especially for consulting firms, financial services firms, media companies, and hedge funds. Located near many of Manhattanโs most iconic landmarks, the area is not only a business center but also a well-traveled tourist destination. Midtown East encompasses several unique neighborhoods including the Plaza District, Park Avenue, Madison Avenue, and Grand Central Station.
Midtown East Office Space | Lease Data & Trends
Office space rental prices vary greatly based on location, building class, and lease terms and length. On the high end of the spectrum, Class A office space in the Plaza District or on Madison Avenue can cost $100 per square foot. Conversely, Class B office space for lease in the Garment District or near Grand Central Station goes for closer to $60 per square foot.
In general, Midtown East submarkets are more expensive than the average asking rent for NYC office space $72 per square foot, or the average Brooklyn office space rent of $42 per square foot.
To help decide what kind of space youโre looking for, read about the differences between Class A and Class B office spaces. What about gross lease, triple net leases, and tenant improvement allowance? If you want to learn more about renting office space in Midtown East, one of our licensed tenant brokers would love to answer your questions.
What Our Brokers Say About Midtown East Office Space
The borough of Manhattan south of Central Park is traditionally divided into Midtown, Midtown South, and Lower Manhattan. Midtown East is the Eastern half of Midtown that is bordered by Fifth Avenue to the west, the East River to the east, 59th St. to the north, and 42nd Street to the south. The area is home to the Chrysler Building, Rockefeller Center, and the United Nations Headquarters, and visitors will notice a lot of areas that look familiar because theyโve appeared on postcards and in TV shows.
Midtown East is primarily a business district and is relatively quiet during the evenings. Traveling around the area and getting to and from nearby districts is easy, especially with the convenient juxtaposition of Grand Central Station, which is not only one of the biggest hubs for public transportation in NYC but also a historic landmark. Nearby subway lines include: 4, 5, 6, N, Q, R, B, D, F, M, E, and 7. If visiting business partners need a place to stay, book rooms in The Langham, The Bernic Hotel, Fitzpatrick Grand Central, or Pod 39.
Popular Neighborhoods in Midtown East
Each neighborhood located within Midtown East has unique character and features.
Grand Central Station: Whether you call it by its official name, Grand Central Terminal, or its nickname, Grand Central, this neighborhood is known for housing Grand Central Station, one of the biggest transportation hubs in NYC. Securing office space here means working alongside companies such as Salesforce, YES Network, Oracle, Metlife, and New York Life Insurance.
Madison Avenue: Madison Avenue, one of the most well-known streets in America, is home to some of the nationโs most influential businesses. Named after the United Statesโ fourth President, James Madison, Madison Avenue is clean, beautiful, and graffiti-free. Though no longer the center of the advertising world, Madison Avenue is still an area in high demand.
Plaza District: The Plaza District houses some of the most premier commercial real estate in NYC. A 10% vacancy leaves potential tenants with plenty of options to join the districtโs current tenants, which include Colgate-Palmolive, Bloomberg, and NBC Studios.
Park Avenue: Park Avenue, originally called Fourth Avenue, houses some of the nationโs most expensive real estate, and some of NYCโs richest CEOs live there. Fortune 500 companies such as Citigroup, Mutual of America, JP Morgan, and Metlife have Park Avenue addresses from here.
