Lower Manhattan Office Space for Rent
The iconic panorama of Lower Manhattan makes you forget the borough is, in fact, an island. The southernmost portion of the island, often called “Downtown,” is home to New York City’s public administration buildings, as well as the Financial District, the main Courthouse and Federal Buildings, the Federal Reserve, and a wealth of available office space.
From the modern construction of 1 World Trade Center to the venerable Art Deco buildings surrounding Broadway and Wall Street, there is a space to suit any type of business, from long-standing firms to start-ups. If you’re looking for the ideal spot to set up shop, contact us to see what office space Lower Manhattan has to offer.
Lower Manhattan Office Space – Lease Data & Trends
Home to many of the oldest buildings in the city and popular tourist attractions such as Chinatown, Little Italy, and the South Street Seaport, Lower Manhattan was as affected by the coronavirus pandemic as other parts of the city were. The city has reopened, though, and the significant uptick in tourism in the first part of 2021 has led to a corresponding rise in tenancy applications.
All signs point to even more growth in the second half of the year. New leasing has increased by over 65%. The Legal Aid Society’s massive expansion at 40 Worth Street, an increase of nearly 125,000 sq. ft., was the most significant transaction during the period. So far this year, 941,959 sq. ft. of new leasing is on the books.
Lease renewals have also been significant, with Lower Manhattan office space renewals accounting for over 62% of the entire city’s second-quarter renewal activity. Among the most significant renewals include 313,022 sq. ft. at 60 Broad Street, renewed by the Department of Citywide Administrative Services, and 302,525 sq. ft at 200 Vesey Street, renewed by the Securities and Exchange Commission (SEC).
The vacancy rate increased to 17%, primarily motivated by the over 509,000 sq. ft. of sublease space at Four New York Plaza, which entered the market courtesy of JPMorgan Chase.
What Our Brokers Say About Lower Manhattan Office Space
One of the most attractive factors drawing tenants to Lower Manhattan is the area’s position near important core infrastructure locations. In addition to the access point for the Holland Tunnel, which connects the island to New Jersey, Lower Manhattan is home to the Brooklyn-Battery Tunnel, Brooklyn Bridge, Manhattan Bridge, and Williamsburg Bridge. Lower Manhattan is also a subway and water taxi service hub, with Staten Island Ferry access at the southernmost tip.
Core infrastructure offices include the Port Authority of New York and New Jersey, located at Four World Trade Center.
As the financial sector has downsized over the past decade, large portions of Lower Manhattan office space have opened to other industries, including advertising, media, information, and technology.
Goldman Sachs, Condé Nast, Verizon Communications, Spotify, PR Newswire, IBT Media, Nike, McKinsey, and Casper are among the companies that have secured office space in Lower Manhattan. Many businesses continue to relocate to Lower Manhattan.
Creating a vibrant business community in Lower Manhattan is a primary focus for the Downtown Lower Manhattan Association. As advocates for the area, the association creates networking opportunities for local businesses and leads public projects improving Lower Manhattan.
Top Commercial Buildings in Lower Manhattan
14 Wall Street, Bankers Trust Company Building: Built in 1912 and featuring Art Deco additions built in 1933, this office building sits across from the New York Stock Exchange and houses several high-profile tenants. The 37-story building was designed by Trowbridge & Livingstone and is currently owned by IBE Trade.
120 Broadway, Equitable Life Building: This Beaux Arts-style office building spans an entire block between Broadway and Nassau, with Pine and Cedar Streets forming the northern and southern borders. When completed in 1915, the Ernest R. Graham-designed tower was the largest office building in the world. Rising 40 stories above downtown, this Silverstein Properties building offers nearly 2 million sq. ft. of Lower Manhattan office space.
40 Wall Street, Trump Building: Built in 1930, the “Crown Jewel of Wall Street” was briefly the tallest building in the world until it was bested by the Chrysler Building. Acquired by the Trump Organization in 1995, the building is now home to various companies in the financial services industry.
Get to Know Lower Manhattan
Lower Manhattan encompasses the section of Manhattan south of 14th Street. As the oldest part of the city, Lower Manhattan is home to many of the oldest buildings, churches, and monuments. Here, the streets are typically less uniform than the strict grid system seen in Midtown and beyond.
A significant exporter of pop culture for decades, Lower Manhattan has also welcomed millions of immigrants to its diverse neighborhoods. That diversity of restaurants and culture continues today, from the eclectic Greenwich and East Villages to Alphabet City and the Lower East Side.
Most of the cross-borough subway trains and buses run throughout Lower Manhattan, and road access to Brooklyn and Queens is also available via the bridges. New Jersey is also accessible via PATH train, the Holland Tunnel, and the Hudson ferry service.
Why Rent Office Space in Lower Manhattan?
Why should you rent Lower Manhattan office space? Lower Manhattan offers its professional tenants a wide variety of modern amenities while maintaining the charm and appeal of old New York. The availability of luxury and affordable housing in the Financial District and the neighborhoods north of 14th Street provide an easy commuting experience for workers. Lower Manhattan is also convenient for every form of transportation.
Lower Manhattan Submarkets to Set Up Office Space
Lower Manhattan has many perks that make it a great home for your business. Here are some of the top Lower Manhattan neighborhoods that are worth exploring as you search for office space.
TriBeCa: Short for the Triangle Below Canal Street, TriBeCa offers a range of Lower Manhattan office space ranging in size from 250 sq. ft. to more than 66,000. The average rent in the area is $72.09/sq. ft.
SoHo: Considered the most historic district downtown, SoHo encompasses a neighborhood West of Broadway and South of Houston Street, abbreviated SoHo. It is a trendy district, home to many old buildings, upscale shopping, and high-tech companies that have made the neighborhood highly desirable for businesses of all kinds.
If you would like more information about office space in Lower Manhattan, contact us. We can help you find the ideal office space for your business.