Located in the southwest corner of Queens, Long Island City is one of the fastest growing neighborhoods in New York City. The mixed-use neighborhood lives at the intersection of art and industry, and features one of the highest concentrations of art galleries of any neighborhood. Long Island City is easy to access from most of Manhattan, Brooklyn, and The Bronx, and is home to more than 6,000 businesses that have more than 100,000 employees.
With more than 8 million square feet existing and an additional 3+ million square feet set to open by 2020, whether you’re looking for a waterfront view for your new headquarters, an open warehouse loft, or a small office space with a flexible lease term, Long Island City offers affordable rates and plenty of options.
Since a 2001 rezoning, there has brought significant residential and commercial real estate investments in Long Island City and Hunters Point, with a range of office space options for companies of all shapes and sizes. Long Island City is home to the JetBlue corporate headquarters, the largest fortune cookie factory in the United States, and numerous other legal, advertising, internet, financial, and technology firms.
Long Island City Office Space for Rent | By the Numbers
|Direct Lease||Office Sublease||Inventory||Construction|
|Repurposed Lofts||$45||$30||3,500,000 sqft||230,000 sqft|
|Traditional Office Space||$56||$37||5,900,000 sqft||1,300,000 sqft|
|Warehouse Space||$30||$22||450,000 sqft||0 sqft|
Long Island City Office Space | Lease Data and Trends
Long Island City is one of NYC’s Central Business Districts, and for a good reason. Despite its convenient location for commuters from all over the metro area and reputation for Class A office towers, the average Long Island City office space leases for much less than most of Manhattan and trendy Brooklyn areas such as DUMBO, Downtown Brooklyn, or Williamsburg.
On average, Long Island City office space costs $42 per square foot to lease, with a mix of building styles to choose from. The neighborhood features more than 800,000 square feet of brick & beam, industrial, loft-style space, with an additional half million square feet under construction or renovation. There’s also nearly 9 million square feet of traditional office space available for rent, with around 1.2 million square feet of new construction underway.
Despite the growth in leasing activity in Long Island City, office space is still easy to find. The vacancy rate hovers slightly below 20 percent, but demand should continue to grow with new, high-quality inventory hitting the market in the next few years.
Some of the most notable employers in the area include Citibank, NYC Department of Health, MetLife, JetBlue, Publicis, Silvercup Studios, and Kaufman Astoria Studio.
What Our Brokers Say About Long Island City Office Space for Rent
Long Island City is in the midst of significant development. The Kaufman Organization is set to renovate a 65,000 square-foot industrial building at 21-01 51st Avenue, having recently signed a 99-year ground lease at the property. The organization has immediate plans to convert the property into office space.
21-01 51st Avenue sits between the Paragon and Blanchard buildings, which are also undergoing significant building improvements, led by Related Companies and GreenOak Real Estate, respectively. Once completed, the Cardinal Building will include a range of improve amenities, including a fully renovated façade, new lobby, and upgraded elevators and windows.
In other Long Island City office space news, Normandy Real Estate Partners recently received $81 million in financing for the purchase and conversion of a vacant two-story property at 25-11 49th Avenue. The firm will build nine stories above the existing structure to create a 238,000-square-foot office building catering to creative and technology, advertising, media, and information companies.
Getting to, From, and Around Long Island City
Long Island City is a convenient and accessible for commuters from throughout the city and Long Island. The 7, E, F, G, M, N, R, and W trains all stop in LIC, and the Hunterspoint Avenue and LIC Long Island Rail Road stations bring in workers along the Babylon, Far Rockaway, Montauk, Oyster Bay, Port Jefferson, and Ronkonkoma lines. Commuters can also take the 7 train directly to and from Grand Central Station, making Long Island City an accommodating office location for many urban and suburbanites. 13 different bus routes also run through the area.
As with most of NYC, Long Island City is extremely walkable, and boasts a WalkScore rating of 95. With more than 150 restaurants, bars, and coffee shops in the neighborhood, companies and employees have plenty of options for meals, meetings, and happy hours within a 5-10 minute walk radius.
Employees who commute by bike should welcome a move into a Long Island City office. Both the Pulaski Bridge and 59th Street Bridge have protected bike lanes, and LIC has several streets with bike lanes. For bikeshare commuters, there are more than 25 CitiBike docks in the area, with several more under construction.
Commuters can also catch East River Ferry rides to Long Island City from Astoria, Roosevelt Island, East 34th Street, or Pier 11 off Wall Street, a short walk away from the Staten Island Ferry. And while we don’t recommend driving, compared to other parts of New York City, Long Island City is quite accessible by car. Drivers can take the 59th Street Bridge (no toll) or Queens Midtown Tunnel (toll) from Manhattan, the Joseph Pulaski Bridge from Greenpoint, or highways 278 or 495. There are more than a dozen parking garages in the area, and street parking if you get lucky.
Long Island City Arts, Culture, Leisure, and Outdoor Spaces
Long Island City office space provides businesses and employees a range of work/life balance amenities. There are more than 20 local art galleries, a vibrant mix of Michelin Star restaurants and cheap eats, and dozens of bars and coffee shops. Employees can sit outside at John F Murray Playground, take in scenic views of Manhattan from Gantry Plaza State Park or Hunters Point South Park, or check out an exhibit at MoMA PS1, The Museum of the Moving Image, or the Noguchi Museum.