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Midtown Office Space For Rent

Midtown Office Space for Rent

Midtown Manhattan is far more than a hub for tourism. It’s the largest central business district in the world and is home to thousands of businesses and some of the most iconic buildings in New York City, including the Chrysler Building, the headquarters of the United Nations, and Rockefeller Center. Together with Lower Manhattan, Midtown Manhattan is also one of the world’s most prominent financial centers. Midtown contains a variety of unique neighborhoods such as Times Square, Grand Central, and Garment District.

Midtown has the headquarters for many prominent companies, such as The New York Times Company, Calvin Klein, Foot Locker, Barnes & Noble, The Sharper Image, Estee Lauder Companies, Time Warner, Polo Ralph Lauren, Viacom, and Six Flags.

 

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What Our Brokers Say About Midtown Office Space for Lease

Available office space in Midtown Manhattan varies dramatically by size and style, so the region offers plenty of appealing options for businesses in any industry and for companies that plan to grow. Midtown has seen significant leasing activity in the past several months. For example, Time Warner successfully executed a sale-leaseback for $2.2 million at 30 Hudson Yards. In addition, McCann Erickson renewed its lease of about 450,000 square feet at 622 Third Avenue. Colgate is currently leasing about 241,000 square feet at 300 Park Avenue.

Manhattan is typically divided into Downtown, Midtown, Midtown South, and sometimes Midtown West. Midtown is composed of several neighborhoods, each of which has unique characteristics and amenities. To learn more about the options in Midtown, feel free to contact one of our experienced brokers.

Grand Central Station

Grand Central Station is a famous transit center where a wide variety of industries do business, including banks, public relations firms, entertainment agencies, software companies, law firms, and more. JP Morgan, Oracle Inc., Pfizer, New York Life Insurance, and Salesforce all operate here. Grand Central is one of the cheaper districts to rent office space within Midtown. The average asking rate is just over $72 per square foot.

Times Square

Times Square is one of the most famous neighborhoods in NYC. Nicknamed “The Crossroads of the World,” this neighborhood is famous for its huge digital advertisements and is one of the most popular tourist destinations in the world. MTV Networks, The New York Times Company, Six Flags Inc., Nickelodeon, and Thomson Reuters are among some of the well-known businesses that operate in Times Square. Class A office space rents for an average of $88 per square foot, and Class B office space rents for approximately $65 per square foot.

Park Avenue

One of the most luxurious and iconic blocks in the city, Park Avenue is home to Colgate-Palmolive, JP Morgan Securities, WPP Group, and many other global firms. Office space seekers can expect to rent real estate for about $90 per square foot on Park Avenue.

Madison Avenue

Made famous by the advertising industry, Fifth-Madison is still a highly desirable location for companies of all sizes. It stretches between Madison Square to East Harlem. Madison Avenue office space costs an average of $99 per square foot to rent.

Flatiron District

Named after the iconic Flatiron Building, Flatiron District is at the heart of Silicon Alley, and NYC’s budding tech startup scene. Tiffany & Co., Betterment, and WeWork all operate in this district. Flatiron District extends from Madison Square Park to Union Square. Businesses in the Flatiron District enjoy the high ceilings, open floor plans, and affordable rents. Office space in Flatiron District rents for an average of $70 per square foot.

Columbus Circle

Columbus Circle is a neighborhood that surrounds an eponymous traffic circle that rests at the geographical center of NYC. Office space in Columbus Circle is popular with business management consultants, real estate consultants, publishers, retailers, and stockbrokers. Time Warner, CNN’s NYC headquarters, and Related Companies all operate in this neighborhood. Rent Class A office space in Columbus Circle for around $73 per square foot, or rent Class B space for slightly less, at an average of $70 per square foot.

Hudson Yards
A new redevelopment zone and the largest private real estate development in US history, Hudson Yards is a fast-growing neighborhood that has already attracted many prominent media, law, technology, consulting, and financial tenants. Time Warner, HBO, Boston Consulting Group, Coach, Wells Fargo Securities, and DNB Bank have already leased space in Hudson Yards. Once completed, Hudson Yards will house more than 6 million square feet of office space. Office space in Hudson Yards rents for around $86 per square foot.

Garment District

One of the most cost-friendly parts of Midtown, the Garment District—dubbed the “Fashion District—offers more than 47 million square feet of office space and is home to many upcoming fashion, media, and technology companies. With Penn Station and Port Authority close by, commuting is easy for locals and suburban residents. However, proximity to the major transit hubs also brings plenty of noise and foot and pedestrian traffic. Garment District office space in Class A buildings rent for around $104 per square foot, while space in Class B buildings can be found for close to $60.

 

Midtown Commercial Space For Lease | By the numbers

 

Office Space for RentPrice per square foot
Class A$95
Class B$67

 

 

Midtown Office Space | Lease Data & Trends

Midtown Manhattan currently houses just over 287 million square feet of office space, which is more than half of New York City’s total inventory. Developers were working on adding just over 13 million more square feet of office space to Midtown as of Q2 of 2019.

The average asking rent for office space in Midtown is just under $87 per square foot. This pricing is higher than the $82 per square foot NYC average. Currently, just over 7 percent of Midtown office space is vacant and available to new renters. Midtown has more than twice as much Class A office space as Class B. Class A office space rents for an average of just under $95 per square foot. Class B space in Midtown is much cheaper at approximately $67 per square foot. Leasing prices vary significantly throughout the business district, so see the section above for a breakdown in pricing for specific Midtown neighborhoods.

 

Getting Around Midtown Manhattan

While highly walkable, Midtown also boasts impressive public transportation. Port Authority, Pennsylvania Station, and the Grand Central Terminal (one of the most visited tourist attractions in the world) shuttle in millions of suburban commuters, while millions more employees rely on the MTA trains and buses. Penn Station is widely considered to be the Western Hemisphere’s busiest transportation hub—it transports around 650,000 people per day.

While visitors won’t see as much greenery in Midtown, there are a few areas for a reprieve from the city’s constant buzzing. Central Park has more than 800 acres of space to escape to, or you can head to Bryant Park. Those looking to take a break from the office and enjoy some quiet time can take refuge in the 42nd Street Library.

For domestic and international travelers, Midtown Manhattan offices are centrally located between Newark airport and LaGuardia airport and within an hour of John F. Kennedy International Airport. The PATH train offers a car-free solution to get to Newark. It’s important to remember that centrally located doesn’t always make for a quick trip—be sure to budget your time accordingly. Midtown typically has a lot of traffic, so getting around by car is not recommended.

 

Top Commercial Properties For Lease In Midtown

Midtown includes a plethora of different neighborhoods with a huge variety of different office spaces. While Hudson Yards, Plaza District and Times Square command high prices, you can find great deals near Grand Central Station or in the Garment District. To begin the search, check out these three highly recommended office buildings in Grand Central, Columbus Circle, and Garment District:

1 Grand Central Place: One Grand Central Place is a high-rise office building located at 60 East 42nd Street in Grand Central Station. Formerly called the Lincoln Building, this 55-story skyscraper has been standing since 1930. Current tenants include Allianz; 3i; Balfour Beatty; GLG; Institutional Capital Network, Inc.; Johnson Controls; and Pine Brook Partners. One Grand Central Place is equipped with a visitor center; a tenants-only conference center; and a few in-house dining options, such as 6b and Pera Mediterranean Brasserie, and Blue Bottle Coffee. Right now, 38 units ranging from 628 to 39,071 square feet in size are available for rent. Getting to 1 Grand Central Place is easy, considering the building is literally attached to Grand Central Terminal. It is also a 12-minute walk away from Port Authority Bus Terminal.

1350 6th Avenue: Built in 1966, 1350 6th Avenue is an office building located in Columbus Circle just a few blocks from Central Park. This recently renovated, 34-story building features a new lobby, grand views of Central Park, an on-site parking garage, and new elevators. Prominent tenants working here include Amazon Corporation, LLC; P. Schoenfeld Asset Management; Highbridge Capital Management; and Seabury Advisors Holdings LLC. Currently, two units that are each about 1,741 square feet in size are available for rent. Contact us for pricing or a tour. Get here via trains B, D, E, F, M, N, Q, R, W, or 1.

15 West 36th Street: 15 West 36th Street is a 16-story, 82,000 square foot office building located in the Garment District between Fifth and Sixth Avenues. It tends to attract tenants in the creative and fashion industries. It has high ceilings, an attended lobby, and two passenger elevators. Currently, 15 West 36th Street offers six 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. The building is close to a lot of public transportation. The 34th Street—Herald Square, 42nd Street—Times Square, 34th Street—Penn Station, and 42nd Street—Bryant Park stations are all within walking distance. The building has a Walk Score of 98.

Midtown Manhattan History

In the 1920s, Midtown was reborn. Once a forgotten part of town, investors transformed the neighborhood into a business district, complete with the engineering feat of Grand Central Station. Though Lower Manhattan had previously driven most of the city’s economy, Midtown became a force of its own that rivaled even Wall Street with its business influence.

As Midtown gained renewed interest, the art deco Empire State Building opened with 102 floors dedicated by President Herbert Hoover in 1931. At the time, it was the world’s tallest skyscraper. In 1967, the Ostankino Tower in Moscow, Russia, took the title, and the World Trade Tower opened soon after with 104 floors. 42nd Street became known as the “Valley of the Giants,” as the three largest skyscrapers in all of New York loomed overhead. And nearly 100 years after the first commercial real estate investments, Midtown is still buzzing with energy as the business capital of the world.

Greenery and Parks in Midtown Manhattan

While you won’t see as much greenery in Midtown, there are a few areas for reprieve from the city’s constant buzzing. Central Park has more than 800 acres of space to escape to, or you can head to Bryant Park. If you’re looking for some quiet time, take refuge in the 42nd Street Library.
 

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