Hudson Yards, a new redevelopment zone near the Hudson River and the biggest private real estate development in United States history, aims to expand the Midtown Manhattan business district westward. Hudson Yards is growing five times as fast as the other neighborhoods in Manhattan, and its cutting-edge character is attracting creative professionals. Current Hudson Yards office space tenants include prominent media, consulting, and financial firms such as Time Warner, HBO, Boston Consulting Group, BCG Digital, Coach, and Blackrock.
Hudson Yards Office Space | Lease and Data Trends
Hudson Yards is the biggest private real estate project in United States history. Once it’s finished, it will include high-rise commercial and mixed-use towers and more than 6 million square feet of office space. On average, office space rents for $76 per square foot in Midtown Manhattan, but Hudson Yards office space can lease for as much as $150-200 per square foot. However, the city of New York has attempted to make the development a more attractive option for companies looking to set up shop by offering a discretionary tax break, contingent upon the creation of a fixed number of jobs. Companies are snatching up the available spaces—for example, Coach, L’Oreal, and SAP have already leased 85 percent of 10 Hudson Yards, a LEED Platinum office tower. Sidewalk Labs (a subsidiary of Alphabet, the multi-billion dollar parent company of Google) is also located in the 10 Hudson Yards complex. In April 2018, pharmaceutical giant Pfizer announced it would be moving into a 15-floor, 800,000 square foot office in The Spiral, a 65-story skyscraper in Hudson Yards being built by Tishman Speyer.
The majority of Hudson Yards’ tenants are law firms and boutique financial services firms. Office space leases have recently been signed by Cooley, Boies Schiller & Flexner, Stonepeak Infrastructure Partners, and Point72 Asset Management.
In total, Hudson Yards will include 16 skyscrapers, a 750,000 square foot retail center, a school, and 5,000 brand new residences. Approximately 65,000 visitors are expected to pass through the neighborhood daily.
What Our Brokers Say About Hudson Yards Office Space
Hudson Yards is located between 10th and 12th avenues from West 30th to West 34th Street (sometimes as far north as 40th street is considered part of the new business district). Nearby neighborhoods include Chelsea, Garment District, and Times Square. Commuters and residents can take advantage of several transit opportunities, from protected bike lanes to the new Hudson Yards train station, the PATH Train, and commuter rails from Penn Station. Megabus also departs near Hudson Yards, offering cheap trips out of the city for long weekends.
Planning a business lunch? Just want something delicious to fuel your workday? Hudson Yards will offer a globally-inspired dining experience curated by Chef Thomas Keller. The neighborhood will offer cuisines by some of the world’s greatest chefs such as David Chang, Jose Andres and Costas Spiliadis. Get ready to sample Bouchon Bakery, D&D London, rhubarb and Jack’s Stir Brew Coffee.
The neighborhood will also be home to convenient amenities that local employees can enjoy—for example, Hudson Yards will be home to the world’s largest Equinox club at 35 Hudson Yards, accompanied by an Equinox hotel.
Get to Know the Neighborhood
Like many neighborhoods, Hudson Yards features an iconic landmark. Thomas Heatherwick’s $150 million Vessel is difficult to describe, but you can see it up close. Climb one of the 154 interconnected staircases or take a look at the city on one of its 80 landings. If you’re particularly ambitious, explore every one of its 2,500 steps.
Architectural firm Elkus Manfredi designed a 720,000 square foot shopping experience that will greatly influence fashion in New York City and dazzle shoppers from all around the world. It will house NYC’s first Neiman Marcus as well as other brands such as Banana Republic, The Body Shop, H&M, NYX, Piaget, and Rolex.
Rest assured that Hudson Yards will leave space for the arts. In fact, The Shed, set to open its doors in spring 2019, is NYC’s first multi-arts center. It will provide creative spaces for novices and feature numerous forms of art, including visual arts, performing arts and pop culture commissioned from leading artists from around the world. Find The Shed between 15 Hudson Yards and the Public Square and Gardens.
Public Square and Gardens lies at the heart of Hudson Yards and provides gardens and seating areas for residents and visitors. Those looking for more places to explore and more fantastic views of the city can check out the High Line, one-third of which lies within Hudson Yards. The High Line was an abandoned freight line but is now a plant-lined walking path above street level. Visitors can get some exercise, enjoy panoramic views of the Hudson River and admire public art projects such as murals, videos, and performances.