Located at the southwest corner of Central Park, the neighborhood of Columbus Circle spans a handful of blocks surrounding the traffic circle by the same name. A monument of Christopher Columbus stands at the center of the traffic circle, inspiring the name. Columbus Circle functions as the geographic center of New York City and is a heavily trafficked area that has undergone multiple renovations throughout the years to improve traffic around the circle.
The most recent renovation occurred between 2003-2005 and included a new water fountain as well as the addition of plenty of benches and greenery. Columbus Circle offers a desirable Midtown West location near Central Park, the Upper West Side, Rockefeller Center, and Times Square at just-above-average Midtown prices.
Columbus Circle Office Space | Lease Data & Trends
Nearly three-quarters of the 24 million square feet of Columbus Circle office space is Class A inventory, with options ranging from executive suites to entire floors in prominent buildings. The area has a low vacancy rate of 7.5% (the Manhattan average is 10%), and there is very little new inventory under construction.
Despite its small size, the average Columbus Circle office space rent is greater than about half of the other Midtown submarkets due to its prime location. Class A office space in Columbus Circle rents at an average of $78 per square foot. Class B properties rent at much lower prices, with an average closer to $61.
What Our Brokers Say About Columbus Circle Office Space
Many banks, business management consultants, real estate consultants, and stockbrokers operate in the area. Other notable companies leasing office space in Columbus Circle include Hearst Media (which occupies Hearst Tower), Penguin Random House, PDT Partners, Young & Rubicam, Rhodium Group, and Red Fuse Communications.
Time Warner Center anchors Columbus Circle on the west side. In addition to the corporate headquarters of Time Warner, CNN’s NYC headquarters and Related Companies, the largest private real estate developer currently developing Hudson Yards, both lease office space in Time Warner Center. The ground floors house the Shops at Columbus Circle mall and a Whole Foods. The Shops at Columbus Circle is home to major retailers such as Amazon Books, MAC Cosmetics, Swarovski, Williams-Sonoma, and Coach.
Emerge212 has a location at 3 Columbus Circle, providing office space for a variety of new and established businesses in the 29-story Class A building.
Getting Around Columbus Circle
The Columbus Circle-59th Street subway station is the eighth busiest station in NYC and located underneath Columbus Circle. The station provides access to the 1, 2, A, B, C, and D trains. Bus lines serving the neighborhood include M5, M7, M10, M20, and M104.
Although the neighborhood is centered around a traffic circle, driving in the area is not a popular option due to heavy traffic. Commuting by foot, bus, or subway are the preferred methods of transportation.
Columbus Circle Neighborhood & History
Designed in 1857, Columbus Circle was initially a continuation of the vision for Central Park. The traffic circle faces the Merchant’s Gate entrance to Central Park on its northeast side. The installation of the Christopher Columbus statue 35 years later helped Columbus Circle establish a separate identity from Central Park.
Office workers in Columbus Circle are never more than a ten-minute walk to Central Park, which provides an ideal outdoor location for a lunch break. TurnStyle Underground Market spans a full city block beneath 57th and 59th Streets and has nearly 40 local eateries to grab a bite, along with a variety of other food vendors, retail shops, and kiosks. Other convenient and popular spots in Columbus Circle include Bareburger, Le Pain Quotidien, Patsy’s Italian Restaurant, Guantanamera, Kashkaval Garden, and Burrito Box.