Popular Neighborhoods for Renting New York City Office Space
New York City Office Space For Rent
New York City is a place for every business’s office space needs—and it’s not just expansive, high-end office suites in high-rises (though those are certainly available!). If you need to rent a small office space, or are looking to find coworking options from already furnished office spaces, those are also readily available throughout New York City. View the available listings above.
Where to Rent an Office Space in New York City
One of the hardest things about leasing office space in New York City is narrowing down the location, as there are so many great districts. Whether searching for the most affordable small office space rental or the most lavish Class A office building, the options are endless. But before a trip to any rental office, it’s best to have a broad view of what is available to you, so here’s an introduction to some of the top areas for NY office space rentals.
Anchored by Wall Street at the southern tip of Manhattan, the Financial District—sometimes abbreviated as FiDi—is arguably the world’s leading financial center. It’s home to the New York Stock Exchange, the Federal Reserve, and NASDAQ, as well as numerous banks, hedge funds, and tech startups. New York’s Financial District is a popular and affordable location to lease office space, with the average asking rent just over $61 per square foot. Whether seeking a single office space for rent for your New York City startup, or a whole floor for an established firm, the Financial District is a great place to look.
Named for the triangular Flatiron Building at the intersection of 23rd Street, Broadway, and Fifth Avenue in Manhattan, the Flatiron District is the heart of Silicon Alley, the technology sector of New York City. Flatiron office spaces for rent commonly have high ceilings and open floor plans, making them popular among advertising agencies, startups, photographers, and businesses that regularly bring clients to the office. In addition to direct leasing options, Flatiron is home to several coworking and flexible office providers, giving businesses a range of options on lease length and cost.
Midtown Manhattan is the largest central business district in the world—not to mention a massive entertainment and commercial hub. It is home to the Broadway theater district in Times Square, the United Nations in Midtown East, and famed New York City landmarks like the Empire State Building, Rockefeller Center, Grand Central Station, Bryant Park, and Madison Square Garden. It is also a great place for renting offices!
Along with the Plaza District, Midtown provides space for television networks, fashion, biotechnology, insurance, accounting, and more. The average asking rate to rent office space in Midtown New York City is just under $86 per square foot. In addition to MTA subways, Midtown has Pennsylvania Station, Grand Central Terminal, and the Port Authority Bus Terminal. Midtown office spaces give employees access to nearly unlimited options to benefit their work/life balance, including top-rated restaurants and outdoor space in Central Park and on the High Line.
Office space in SoHo is at a premium, since trendy SoHo is one of the most popular neighborhoods on the planet to rent. The upscale neighborhood exudes style, luxury, artistic flair, and a hip New York City sensibility. For Class A buildings in this area, the cost to rent is just over $101 per square foot, and a little over $79 for Class B office rentals.
The SoHo and Hudson Square neighborhoods of Midtown South represent a hub for New York City culture and business. Numerous high-profile technology, finance, advertising, consulting, and retail firms are based in the area. The average rental office price per square foot is a little under $96 in this area.
Chelsea is a fantastic choice if you are seeking an office for rent. You can get an office here for an average of just under $78 per square foot. Easily accessible and bursting with diversity, Chelsea is home to tech firms such as Google and Twitter. The area is known as one of the city’s centers for art and culture, and the neighborhood is home to more than 200 galleries.
Short for “Down Under the Manhattan Bridge Overpass,” DUMBO has quickly become one of the trendiest mixed-use neighborhoods in New York City. Former warehouses are now office spaces for ad agencies, boutique retailers, cafes, and art galleries. DUMBO is also home to Washington Street, an iconic street with an irresistibly photogenic view of the Manhattan Bridge. DUMBO and Downtown Brooklyn are most accessible from the 2, 3, 4, 5, A, C, F, and R trains.
Long Island City
Located in the Southwest corner of Queens, Long Island City (Hunters Point) is conveniently close to both Brooklyn and Manhattan, and a fast-growing hub for NYC office space. Long Island City is home to a wide range of companies and an area with numerous corporate real estate projects underway. The neighborhood can be reached on the G, F, 7, N, R, W, E, and M trains, as well as via the Long Island Rail Road.
Major fashion brands such as Calvin Klein and Nicole Miller have offices in the Garment District, an area where global brands operate showrooms and create designs Textile manufacturing no longer thrives here, but property have been filled by media, advertising, and technology companies. The nearby Hudson Yards redevelopment project is also flooding the area with new Class A buildings and is becoming a very popular destination for hedge funds. You can get space in the Garment District for around $74 per square foot.
Grand Central Station is an iconic transit center in the heart of Midtown, known for its dazzling Grand Concourse ceiling and the Tiffany Clock above its entrance. Officially named Grand Central Terminal, locals prefer Grand Central Station or just Grand Central. You can get an office lease here for an average of $84 per square foot.
Midtown South encompasses Manhattan neighborhoods such as Chelsea, Gramercy Park, Hudson Square, Greenwich Village, and SoHo. Numerous tech, media, fashion, and marketing firms are vying to grab offices there.
New York Office Space for Lease
New York NY commercial space for lease is naturally always in demand given New York City’s long-standing status as a global hub for business and commerce, but there is still plenty of available space in a variety of sizes, styles, rates, and locations. Vacancy rates in Q1 2020 were at 10.2%.
Office Rental Space New York City | Lease Data and Trends
Based on publicly available commercial real estate leasing data, the average asking rent for New York office space is around $80 per square foot, and units in Class A buildings are a little under $90 per square foot. Businesses looking for more budget-friendly options can take advantage of 155 million+ square feet of Class B space for rent—average asking office rent for these spaces in New York City is around $65 per square foot.
Additionally, office subleases present a cost-effective, short-term option for fast-growing businesses that want added flexibility. However, office subleases involve renting through current tenants, which isn’t ideal for every business.
Choosing the Perfect NYC Location to Rent Offices
Whether you are seeking a small office, or looking at renting office space for a large firm, New York City boasts the largest commercial real estate market in the United States, ahead of other major cities such as Chicago, Washington, D.C., Los Angeles, San Francisco, Houston, and Dallas–Fort Worth.
There is no “right” answer for which area in New York City that you should choose to rent an office. In addition to the office and building, you need to weigh factors such as which location might best serve your employees and clients, which has the amenities you most value, and which might make the most sense for your industry.
Here’s a few buildings you might like to explore:
Wherever You Rent NYC Office Spaces, You Get All New York City Has to Offer
No matter which neighborhood you end up signing your office lease in, renting commercial office space in NYC offers countless advantages. From top-notch public transit and 24/7 conveniences to a diverse and exciting city culture, renting offices in New York City connects your business to the world.