Get the Inside Track on Office Space Rentals in Midtown Manhattan from Our Brokers
Like in most big cities, available office space in Midtown Manhattan varies considerably by size, style and price, so this central and lively New York City area offers plenty of attractive options for businesses in any industry, whether it’s an established corporation or a start-up company that is still growing. As with many of the neighborhoods in New York, NY, Midtown offers easy access to many retail and transportation options. It is home to the Empire State Building located at 20 west 34th street and the Chrysler Building, located on the east side at 42nd street and Lexington Avenue.
Rent an Office in Manhattan NY, New York
New York City’s Midtown is composed of several neighborhoods, each built with unique characteristics and amenities. Such as Murray Hill, Turtle Bay and Kips Bay in the east and Hell’s Kitchen on the west. One of the most luxurious avenues in the city, Park Avenue, runs through the east side of Midtown. Park Avenue is home to office spaces for Colgate-Palmolive, JP Morgan Securities, and other global business firms. Madison Avenue, put on the map by the advertising industry, is also on the east side of Midtown. Madison Avenue is home to a property owned by JP Morgan Chase, in addition to the MetLife Tower and St. Patrick’s Cathedral. Cross over from the east to the west of Midtown and you will find famed areas like Times Square and the Garment District.
To learn more about the building options for Midtown NYC office space, or to start your search in the area, feel free to contact one of our experienced brokers — they can help you find available Midtown office space for lease.
Midtown Commercial Office Space Rental
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Leasing Office Space in Manhattan NY, New York | Real Estate Lease Data & Trends
Midtown Manhattan currently houses approximately 285 million square feet of office space, more than half of NYC’s total inventory. The average asking rent for office space in New York City Midtown is just over $85 per square foot. Currently, a little less than 11 percent of commercial Midtown office space is vacant and available to new renters. Class A offices rent for an average price of just under $95 per square foot, while Class B space is significantly cheaper at about $67 per square foot.
Office Space for Rent by Neighborhood in Manhattan New York NY
As you begin your search for office listings for rent in the Midtown section of Manhattan, New York City, it will help if you have an overview of a few key districts in the area.
Grand Central Station
Grand Central Station is a famed transit center on the east side of Midtown Manhattan where a wide variety of industries and services do business, including banks, public relations firms, entertainment agencies, software companies, law firms, and more. Pfizer, New York Life Insurance, and Salesforce all operate here. The average asking rate for an office for rent in this Midtown East area is just over $84 per square foot. Those looking to set up shop near the station may consider looking for space to lease in the surrounding neighborhood, Murray Hill. Murray Hill is considered to be bounded by 40th in the north to 27th street in the south and from fifth avenue to the east river.
Times Square / Rockefeller Center
Times Square is one of the most popular tourist destinations in the world. The New York Times Company and Thomson Reuters are among the well-known businesses that call this district home, located in Midtown West. 2020 data suggests that Class A offices rent for an average of $84 per square foot, and Class B office space rents for approximately $65 per square foot.
Named after the iconic Flatiron Building, the Flatiron District is at the heart of NYC’s tech scene, Silicon Alley, and extends from Madison Square Park to Union Square. Businesses in the Flatiron District enjoy the high ceilings, open floor plans, and affordable rents in addition to great lunch and retail spots. Office space in Flatiron District rents for an average of $78 per square foot.
A hot New York City redevelopment zone and the largest private real estate development in U.S. history, Hudson Yards is a fast-growing neighborhood on the west side of Manhattan that is attracting prominent media, law, technology, consulting, and financial tenants. HBO, Wells Fargo Securities, and DNB Bank have leased space in Hudson Yards. Office space in Hudson Yards is on the high end of Midtown office rental prices, renting for around $120 per square foot.
Penn Station / Garment District
One of the most cost-friendly parts of New York, NY and Midtown, the Garment District—also called the “Fashion District”—offers more than 47 million square feet of office space and is home to many fashion, media, and technology companies. At the heart of the area is bustling Penn Station, which means that office rentals here are ideal for locals and suburban resident commuters. Garment District office space in Class A buildings rent for around $90 per square foot, while space in Class B buildings can be found for close to $60.
Top Commercial Offices for Rent in Midtown Manhattan
Midtown, New York City includes a huge variety of NYC office spaces to meet varying budgets. While Hudson Yards, Plaza District and Times Square are neighborhoods that command high prices, you can find good deals on property near Grand Central Station or in the Garment District. To begin the search, check out these two highly recommended office buildings with listings in Midtown:
1 Grand Central Place: One Grand Central Place is a high-rise office building located at 60 East 42nd Street across from Grand Central Terminal. Tenants include Allianz, GLG, and Pine Brook Partners. One Grand Central Place is equipped with a conference center, in-house dining options, and the ever-popular Blue Bottle Coffee. Right now, 15 office rental units ranging from 3,000 to nearly 40,000 square feet in size are available for rent.
15 West 36th Street: This 16-story, 82,000 square foot office building is located in the Garment District between Fifth and Sixth Avenues. It tends to attract tenants in the creative and fashion industries. This office rental space has high ceilings, an attended lobby, and two passenger elevators. Currently, 15 West 36th Street offers several units for rent that range from 2,340 to 5,000 square feet in size. Contact us for pricing or a tour of the property.
Why Rent Office Space in Midtown Manhattan New York NY?
Midtown is the heart of New York City, and what could be better than having your business lease a property in the center of it all? Any Midtown Manhattan office location, from east to west, puts you close to multiple transit options, world-class restaurants, incredible architecture, great shopping, and every convenience imaginable. Leasing an office in a Midtown Manhattan neighborhood truly puts you at the crossroads of the world.
Looking to begin your office space search? A SquareFoot broker can help you find your next Midtown Manhattan office at the right lease term for your needs — contact us today via our contact form, or email us at email@example.com for more information or a list of available spaces.