Herald Square office space sits nestled within an iconic NYC area located at 34th Street and Broadway known for its fancy dining, luxury shopping, and world-famous events. It’s also the home to Macy’s Herald Square, a 2.5 million square foot building, which is the flagship of the Macy’s department store chain and its headquarters. Most people know Herald Square as the terminus for the Macy’s Thanksgiving Day parade, but it’s also a Midtown Manhattan neighborhood alive with commercial real estate leasing opportunities.
What our brokers say about Herald Square
Herald Square, especially the section along Broadway and 34th Street, is best known as a retail hub. Most notably, Herald Square is home to Macy’s flagship department store, the Empire State Building, and Javits Center. Penn Station operates one street over, as does the Manhattan Mall. 34th Street stretches 31 blocks away from the heart of Herald Square and attracts more than 100,000 office workers every day, as well as tourists.
Herald Square got its name from the now defunct newspaper The New York Herald, which was founded by James Gordon Bennett in 1835. The sculpture and clock at the center of Herald Square used to be atop the Herald building, but now they serve as a reminder of days gone by. Numerous songs have referenced Herald Square, such as the line “Remember me to Herald Square” from the George M. Cohan song “Give My Regards to Broadway.”
Herald Square office space is located in Midtown Manhattan, which is a hub for tourism and the largest central business district in the world. 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.
Herald Square and Greeley Square, slightly to the south, form a typical Manhattan bow-tie square. Greeley Square was named after Horace Greeley, who started the New York Tribune in 1841. It features seating areas, horticulture, food stands, and free public restrooms. It was renovated in 1999. Herald Square also touches Madison Square, Times Square, Penn Station, and Koreatown. Madison Square Garden, a multi-purpose indoor arena located between 7th and 8th Avenues from 31st to 33rd Streets, is the oldest sporting facility in NYC as well as the world’s second most popular music venue. Times Square is one of the world’s most famous tourist destinations and provides space for more than 41 million square feet of office space. Penn Station is the world’s busiest rail hub, and Koreatown is best known for its restaurants, most of which operate 24 hours per day.
Herald Square commercial space for lease | By the numbers
|Office Space for Lease||Price per square foot|
Lease data & trends
Herald Square office space is part of the Midtown Manhattan commercial real estate market. Overall, Midtown Manhattan currently houses slightly more than 288 million square feet of office space, which is more than half of New York City’s total office space inventory. Developers were working on adding just more than 12 million more square feet of office space to Midtown as of Q3 of 2019.
The average asking rent for office space in Midtown is just under $90.25 per square foot. This pricing is higher than the $85 per square foot New York City 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 office space. Class A office space rents for an average of $97.25 per square foot. Class B space in Midtown is much cheaper at approximately $65.75 per square foot.
In Q3, Midtown Manhattan Class A asking rents increased to $93.87 per square foot, approaching the highest they’ve ever been—$95.40 per square foot in Q3 of 2008. One Vanderbilt’s addition to the market accounts for most of this pricing increase. Most of the new leases signed in this quarter were at existing rather than under-development properties. Notably, WeWork signed the biggest lease in the quarter: 362,197 square feet at 437 Madison Avenue. In addition, EisnerAmper LLP moved from 750 Third Avenue to 733 Third Avenue, leasing 124,327 square feet. Leasing activity in Q4 is expected to be busy and easily overshadow the leasing activity from Q3. In particular, tech giants are expected to snatch up newly developed properties in Midtown Manhattan, keeping the Class A vacancy rate low.
Getting around: Transportation
Herald Square is pedestrian-friendly and has a Transit Score of 100. It has its own subway station: the 34th Street—Herald Square station, which is served by the B, D, F, M, N, Q, R, and W trains. Travelers can also use the nearby 33rd Street Station, served by the PATH’s HOB-33 and JSQ-33.
Herald Square is also close to Port Authority, Pennsylvania Station, and Grand Central Terminal (one of the most visited tourist attractions in the world), which shuttle in millions of suburban commuters. Penn Station is widely considered to be the Western Hemisphere’s busiest transportation hub—it transports around 650,000 people per day.
For domestic and international travelers, Herald Square 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 Manhattan neighborhoods typically have a lot of traffic, so getting around by car is not recommended.
Top commercial real estate listings in Herald Square
Herald Square and its surrounding neighborhoods offer a variety of attractive commercial space leasing options. To discuss what’s available and find Herald Square office space to meet and exceed your business needs, contact one of our experienced brokers. Or, just read about one of these three SquareFoot-recommended properties in the area: 110 West 32nd Street, 29 West 35th Street, and 111 West 33rd Street.
– 110 West 32nd Street: 110 West 32nd Street is a Class C office building located near Koreatown in Chelsea near Herald Square. The building has a corner lot, 24-hour access, and a lobby attendant. Currently, five units, all 6,715 square feet in size, are available for rent in the building. Contact one of our brokers for pricing details or for a tour of the property. With a Walk Score of 99 and a Transit Score of 100, transportation options in the area are pretty much endless. Take trains 1, 2, 3, A, B, C, D, E, F, M, N, Q, R or W to get here. Employees at 110 West 32nd Street who want to work out during lunch or right after work ends can choose from several nearby gyms, such as Throwback Fitness, Midtown Tennis Club, and Evolution Muay Thai.
– 29 West 35th Street: The Penn Building at 29 West 35th Street just a few blocks from Madison Square Garden, spans 77,735 square feet and stretches 12 stories into the sky. The building boasts high ceilings, windows on three sides, and a lobby attendant. Eight units ranging from 4,100 to 8,200 square feet in size are vacant and available to new renters in the Penn Building. Contact SquareFoot for pricing and other details. Tenants Invisibly and Twin Holdings of Delaware LLC already lease space in the building. Access 29 West 35th Street via the 1, 2, 3, 6, 7, B, D, F, M, N, Q, R, or W. Penn Station lies within walking distance of the property. Plenty of food options are available nearby; try out Hyo Dong Gak, Heartland Brewery, The Australian, and Bon Chon Chicken.
– 111 West 33rd Street: Built in 1954, 111 West 33rd Street is located over two floors of a renovated former manufacturing building. The structure boasts an energy-efficient glass curtain wall on its exterior and an upgraded marble and stone lobby. The 26-floor building overlooks Macy’s flagship store and offers excellent views of Manhattan from between 6th and 7th Avenues. Current tenants of the building include Macy’s, Empire State Realty Trust’s corporate headquarters, Anaplan, L’Occitane, and IPG. Join them today—the building has plenty of available space to be leased. Contact one of our experienced brokers for pricing details or a tour of one of the 25 open units. The units range from 80 to 44,661 square feet in size. Those working at 111 West 33rd Street will have access to plenty of transportation options, considering Grand Central Terminal, Pennsylvania Station, and the Port Authority Bus Terminal are all within walking distance. For coffee, try out Cafe R or Intelligentia. For lunch, look up Friendman’s or Kang Suh Restaurant. For drinks, visit Jack Demsey’s or O’Reilly’s Pub.
In 1846, New York City acquired permission to extend Bloomingdale Road, which is now Broadway, into the area we know as Herald Square. The New York Herald, the newspaper that eventually gave Herald Square its name, used to operate on Newspaper Row in Lower Manhattan with other famous papers like The New York Times, the New York Tribune, and The New York World. However, James Gordon Bennett Jr. decided to move The New York Herald headquarters to Herald Square in the 1890s. The newspaper had a reputation for sensationalism.
After The New York Herald settled on a 30-year lease in Herald Square, other publications began moving away from Newspaper Row as well. For example, The New York Times moved to Times Square in 1904. Just as Herald Square was named after the newspaper that moved there, Times Square, too, earned its name because of the famous paper it housed. The New York Herald didn’t last as long as The Times, though; actually, it eventually was acquired and renamed New York Herald Tribune and eventually resold and again renamed the International Herald Tribune. At last, it lost the name “Herald” altogether in 2013 when the name was changed to the International New York Times.
In 1921, developers tore down the Herald Building. Fortunately, a few vestiges of its existence still remain. For example, the Herald Square monument still displays two bronze owls that used to adorn the Herald Building. “The owls were intended to symbolize the wisdom of the newspaper’s printed words,” the Daytoninan in Manhattan reports.
Also in the 1980s, Macy’s moved from 14th Street and 6th Avenue to Herald Square. From 1924 to 2009, Macy’s retained the title of “world’s largest department store.” Nearby, Gimbel’s Department Store remained open until 1984 and eventually became the Manhattan Mall.
Today, Herald Square is a center for tourism, business, shopping, and history. A lot has happened since the New York Herald’s publisher decided it was time to leave Newspaper Row.