The Financial District, nicknamed FiDi, is widely considered the leading financial center of the world. It houses many of New York City’s financial institutions–banks, insurance companies and other large corporations–such as the New York Stock Exchange and the Federal Reserve Bank of New York.
Giants such as Goldman Sachs, Deutsche Bank and American Express already work out of the Financial District, as do many startups and mature mid-size firms. Given the available inventory and low asking rents, the Financial District has appeal to a range of businesses outside the financial services world.
Financial District Office Space | Lease Data & Trends
FiDi has some of the most affordable office space in Lower Manhattan. On average, Financial District office rent comes out to $53 per square foot and $57 for office space in a Class A building. These are significantly cheaper than average asking rents in popular neighborhoods such as Flatiron District, Plaza District, Hudson Square, Chelsea, and SoHo. With a vacancy rate of 12.3%, above the city average of 10%, there’s plenty of available spaces to choose from.
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Offices in the Financial District, Water Street Corridor, and World Trade Center enjoy a range of convenient public transit options. Commuters can take the 1, 2, 3, 4, 5, 6, A, C, E, R, W, J, and Z trains, the Staten Island Ferry, East River Ferry, or the PATH Train.
More than 25 percent of working individuals in the Financial District work in finance or insurance. During the day, FiDi comes to life with thousands of young professionals climbing the corporate ladder and tourists seeing the sights; at night, it tends to become calm and quiet compared to other areas of the city. More than 48,000 people live in the Financial District, and the average household income is $191,807. Almost half of residents hold a college degree, and more than 30 percent have a graduate degree as well.
The neighborhood is perhaps best known for Wall Street, where workers earn 21.9 percent of wages of all of NYC. Geographically, Wall Street is an eight-block-long street located between Broadway and South Street. People tend to use the term “Wall Street” to discuss the United States’ financial markets and industries overall. You can find companies such as Morgan Stanley, Citigroup and JPMorgan Chase, among other big names crunching numbers on Wall Street. Many startups are leaving Midtown to take advantage of the cheaper rents, including VC-backed x.ai, Olo, Namely, and LifeBEAM.
Get to Know the Neighborhood
The Financial District is one of Manhattan’s oldest neighborhoods. If you want a break from the stresses of work, check out the South Street Seaport, a historic district with shopping, gorgeous views of the Brooklyn Bridge, New York City’s first luxury movie theater and plenty of places to eat. Looking for a place to meet up with a client? Popular business lunch destinations in the Financial District are the Blue Ribbon Federal Grill, Broadstone Bar & Kitchen, and Trinity Place.
The Statue of Liberty, a famous tourist destination on Ellis Island, overlooks the Financial District. View it across the channel from Manhattan or take a Statue Cruise across the channel to see one of the country’s most popular landmarks up close. France gave the USA the 152-foot high iconic landmark in 1886.