Tribeca is a Lower Manhattan neighborhood known for its sophisticated and trendy lofts, boutiques, and restaurants — and the price tags to match. An abbreviation of “Triangle Below Canal Street,” Tribeca’s rough borders include Canal Street, West Street, and Broadway as well as Vesey Street to the south.
The upscale neighborhood is mainly residential, and shorter buildings allow many to have access to waterfront views along Hudson River Park. Tribeca enjoys one of the lowest populations of any NYC district at around 18,000 people, contributing to a more relaxed pace of living compared to neighboring communities. Locals are proud of Tribeca’s status as one of the safest neighborhoods in the city.
Tribeca Office Space | Lease Data & Trends
According to 2018 New York commercial real estate lease data, the average asking price for Tribeca office space in Class A buildings is $85 per square foot, making it one of the most expensive submarkets in the city. Leases in Class B buildings hover around $50 per square foot, largely driven by its proximity to City Hall and the Financial District. For reference, the average New York office space rent is only $72 per square foot, and $83 for Class A office space.
|Office Space for Rent||Class A||Class B||Inventory||Vacancy|
|Tribeca||$85||$50||18 million SF||5%|
|Hudson Square||$90||$59||11 million SF||11%|
|Lower Manhattan||$69||$51||100 million SF||11%|
What Our Brokers Say About Office Space in Tribeca
Tribeca office space tenants include a variety of tech and media companies, financial institutions, retailers, and advertising agencies seeking flexibility and open floor space. Companies also come to Tribeca for a reprieve from more hectic neighborhoods such as SoHo and the Financial District, while still maintaining easy access by public transit or bicycle. Some of the notable companies in the area include Havas Worldwide, Citigroup, DigitalOcean, Wieden & Kennedy, Warby Parker, Edelman, Rent the Runway, and Two Sigma Investments.
Though the heart of Tribeca is primarily residential, Hudson Square is an almost entirely commercial real estate district just north of Canal Street, with notably less expensive asking rents.
According to WalkScore, Tribeca is the 15th most walkable neighborhood in New York. Hudson River Park spans from 59th Street to Battery Park and is filled with pedestrian and bicycle paths, while Washington Market Park offers sports courts, a community garden, and an attractive playground for families. With lots of greenery, inviting park space, and cobblestone streets to take in, commuting on foot or taking a leisurely walk during lunch in Tribeca is ideal. In addition to our Tribeca Lunch Guide, we recommend La Colombe Coffee, Konditori, The Odeon, Mulberry & Vine, Laughing Man Coffee (founded by Hugh Jackman), and the Brandy Library. Most bars and restaurants are known for being open late into the night, so there’s no need to rush out of the office!
Tribeca Neighborhood History
Tribeca was once an industrial area with an emphasis on produce, dry goods, and textiles. Original industrial buildings possessed large commercial lofts and open spaces. By the 1970s many of these buildings were abandoned and began attracting artists of all kinds. BMCC Tribeca Performing Arts Center, New York Academy of Art, One Art Space, and Tribeca Art Factory are all located in this district.
Tribeca is a favorite of celebrities, most famously Robert De Niro, who founded the Tribeca Film Festival in 2003. Taylor Swift, Leonardo DiCaprio, Meryl Streep, Jon Stewart, and Beyonce also own property in the area.
Getting Around Tribeca
Navigating Tribeca by foot, bike, car, or public transit is easy. The 1, 2, 3, A, C, E, N, Q, and R trains all stop in Tribeca, as do 26 bus lines. Using the Subway, it’s possible to reach anywhere in Manhattan in less than 30 minutes or to parts of Brooklyn.
Commuters from Jersey City can take the Holland Tunnel which has entrances and exits around St. John’s Park in the northwest corner of Tribeca. During high traffic, it takes about 45-75 minutes to cross the tunnel. PATH service to New Jersey is also available at the Park Place/Chambers Street station, or further south at the World Trade Center. Employees also have the option to use ferry service that docks in the nearby Financial District and Battery Park.