The Lower East Side is one of the oldest neighborhoods in Manhattan and has developed from strong immigrant roots. Sometimes abbreviated as LES, the Lower East Side is located between FDR Drive to the east, East Houston Street to the north, Bowery to the west, and Canal Street to the south. Often regarded as one of the most authentic New York City neighborhoods, the Lower East Side possesses a gritty charm and nonconformist energy that creates a working environment ideal for companies that want to push the boundaries of innovation and maybe even break the rules a little.
Lower East Side Office Space | Lease Data & Trends
How much is office space in the Lower East Side? This largely depends on how close you are to SoHo. Prices tend to climb as you go west of the Bowery.
Based on 2018 commercial real estate lease data, on average, Lower East Side office space rents for $77 per square foot, slightly above the Manhattan average rent (Class A and Class B) of $72 per square foot. For more cost-effective office space for rent, consider looking in Lower Manhattan — there are plenty of cheap spaces in the Financial District, TriBeCa, and near City Hall.
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Companies interested in Lower East Side office space will find themselves surrounded by eclectic neighbors in Technology, Advertising, Media, and Information industries. TUNE provides mobile analytics and performance marketing platforms, Azalle offers online courses for digital influencers, and Appmiral creates mobile apps for music festivals.
The Yard has co-working offices in the Lower East Side, along with Buro HQ, a co-working space that caters to cryptocurrency and blockchain startups, and Projective, who leases office space to companies like Instacart, Maven, and Beltology.
Although the Lower East Side lacks in commercial real estate inventory compared to some of its neighboring districts, Charles Bendit of Taconic is leading the development of Essex Crossing, which would add approximately 400,000 square feet of office space throughout nine buildings. Plans for Essex Crossing’s nine sites include a park, bike paths, and above-ground green spaces to connect the buildings, as well as an underground marketplace. Essex Crossing is being developed with L+M Development Partners and BFC Partners and has an expected completion date of 2024.
Getting Around the Lower East Side
The Lower East Side has a variety of public transportation options including the B, D, F, J, M, and Z trains as well as nine different bus lines. The neighborhood is considered excellent for biking, with 17 bike lanes throughout the area. Both bikers and walkers will enjoy the paths along the East River.
Lower East Side Neighborhood & History
In the early years of New York City’s history, the Lower East Side covered parts of the city all the way up to 14th Street and included the now-separate neighborhoods of East Village, Chinatown, Little Italy, Alphabet City, Bowery, and NoLita. Tenement houses attracted the majority of immigrants who moved to Manhattan in the late 1800s and early 1900s, making the Lower East Side a true representation of America’s melting pot culture.
As a result of the diverse array of ethnicities that called the Lower East Side home, the neighborhood is filled with delicious food from every culture. Katz’s Delicatessen, Ivan Ramen, Mission Chinese, Cocoron, and 99 Cent Pizza all serve up cultural comfort food. Clinton Street, running north to south through the center of the Lower East Side, is becoming well-known for its row of trendy restaurants including Clinton Street Baking Company, The Burgary, and Pig & Khao.
The neighborhood is home to the New Museum and Museum of Reclaimed Urban Space, many private and public parks, popular live music venues, and a robust community of art galleries, including ABC No Rio and The Lodge Gallery.