New York City Office Space Guide by Neighborhood

New York City office Space Guide.

When you’re a business owner, finding the right office space can be a daunting task. There are so many factors to consider, and it’s important to find a space that meets all of your needs and budget. In this blog post, we’ll help you figure out how to find the perfect office space for your business.

 

 

 

 

 

How to Find the Perfect Office Space

There is no one-size-fits-all answer when it comes to finding the perfect office space. To find an office that ticks all the boxes, start by making a list of your must-haves.

 

LOCATION: Office building location is important because it affects:

• Employee commute time
• Client and business partner accessibility
• Company image and brand
• Proximity to business services, dining and after-work venues.

 

 

Popular Neighborhoods Now!

MetLife Clock Tower, designed by Napoleon LeBrun & Sons in 1909.

Madison Square Park

1. A haven for creative professionals with an energetic vibe

2. Located between Fifth and Madison Avenue and from 26th to     23rd Street

3. Historic architecture and bright open lofts

4. Cafes, great restaurants, bars and clubs for after-work meet ups!

At 915 Broadway (S/W/C of 21st Street), tenants enjoy enhanced amenities including a renovated lobby with 24/7 attendant service, high-speed elevators, and new corridors and bathrooms. For those looking for a unique workspace, the Landlord is willing to custom-build a loft-style office with restored hardwood floors and high open ceilings. And with flexible lease terms and suite sizes ranging from 1,978 to 8,990 square feet, there is something for most business’s needs. As an added bonus, asking rents are competitively priced at $70-75 per rentable square foot. Overall, it’s easy to see why 915 Broadway is a favorite among area businesses.

 

 

 

 

 

 

 

 

 

 

 

Glory of Commerce, a sculptural group by Jules-Félix Coutan.

The Grand Central Terminal Business District 

1. Concentration of office buildings with 52 million square feet of space

2. Prime destination for companies looking for centrality in their work location

3. Contains iconic skyscrapers like the Chrysler Building and MetLife Building

4. Convenient access to public transportation, (Metro North, LIRR, 4/5/6/7/S), shopping, dining, and entertainment.

420 Lexington Avenue is a popular building that offers 24/7 access and high-quality amenities which makes it a smart choice for businesses of all sizes. Plus, it has direct access to Grand Central Terminal which allows for seamless commuting. But perhaps the biggest selling point is its large inventory of pre-built move in ready offices in sizes from 584 to 33,000 square feet with asking rents from $62 per rentable square foot. For companies looking for a smart choice in office space, this building should be at the top of the list.

 

The spectacular One World Trade Center rises 1,776 feet.

The Financial District and World Trade Center Complex 

1. Hub of activity where companies can tap into a diverse network of businesses

2. Includes the entire area south of Liberty Street, from the Hudson River to East River

3. The new Fulton Transit Center (Path Train, 2/3/4/5/A/C/R/Z subways, with ferries nearby) makes it easy to access your office

4. World-class restaurants and shops are steps away providing convenient options for hosting clients or taking a break during the workday

5. Short walk to the NYC courts.

As a symbol of US resilience, freedom and prosperity, One World Trade Center gives organizations the chance to become intimately connected with the heart of American industry. Accessible from the Fulton Street Transportation Center, this ultra-modern building boasts stunning offices competitively priced from $73-85 per rentable square foot, which is an excellent value. In addition to the impressive amenities and technology within the building itself, One World Trade Center connects to the Oculus with its exclusive stores and restaurants. With professional ownership and management, this world-recognized landmark offers organizations an unparalleled opportunity for success.

 

 

Penn Station East End Gateway at 7th Avenue.

Penn Station & the Fashion District 

1. Commuters from Long Island and New Jersey arrive at Penn Station which includes Amtrak, and the 1/2/3/A/C/E subways. One block east at Herald Square is the N/Q/R/W/B/D/F/M.

2. Penn Station is undergoing a massive renovation, the first phase of which was the completion of the Moynihan Train Hall  

3. Improving streets, new restaurants and after-work places.

If you’re searching for a new office space, look no further than Penn 1. Not only does it offer direct access to Penn Station, but it also features a state-of-the-art work environment. With a recent $200 million renovation, this 2,315,128 square foot building boasts a new lobby and “WorkLife” center complete with amenities such as a restaurant, fitness center, conference rooms, and adaptable workspace by Industrious. The Landlord is offering customizable suites in various sizes to accommodate any type of business. Asking rents are $80-90 per rentable square foot. Overall, Penn 1 is the perfect choice for companies looking for a convenient and contemporary office space.

 

 

BUILDING QUALITY

• Class A office buildings are the highest quality and the most expensive. Used by corporations as headquarter, they feature high-end offices, a lobby concierge and amenities geared towards productivity and employee satisfaction. These may include conference rooms, a health club, on-site café, and restaurants.
• Class B office buildings represent the majority of NYC’s commercial inventory, are affordably priced, and function well for most organizations. Most are pre-war construction, have architectural character, and include upgraded building systems and fiber telecommunications.
• Class C office buildings are often older and have not been updated. They can be a good option for businesses that are starting out and don’t want to spend a lot of money on rent.

 

Atlas at 45 Rockefeller Center, created by Lee Lawrie.

Our Recommendation: As one of New York City’s most iconic destinations, Rockefeller Center boasts a stunning collection of Art-Deco and International-style buildings in a meticulously maintained campus. And for businesses seeking to enhance workplace productivity and experience, Rockefeller Center offers a wide array of services, amenities, dozens of restaurants and over 100 retailers. The conference center at 45 Rockefeller Plaza, green space atop Radio City Music Hall, and ZO.- branded lounges and libraries provide the perfect environment for collaboration and relaxation. Plus, partnerships offering perks such as corporate wellness programs, food delivery, health club, child-care and a parking garage helps organizations attract and retain top talent. At the present time rents range from $80-95 per rentable square foot. Rockefeller Center truly has it all for its tenants. It’s no wonder why it continues to be a sought-after destination for smart corporations.

 

 

 

 

 

 

SIZE & LAYOUT

• Office space should be of a size that is comfortable and efficient to work in.
• Post-Covid, employees expect more “personal space.”
• Layouts can vary from office-intensive to open-landscape and anything in between.

You can get started by answering these questions:

Total Headcount # ___                                                                    Private Offices # ___                                                                Conference Room(s) # ___ Capacity # ___                          Workstations # ___                                                                                  IT Room ___ Mail/Storage Room ___ Pantry ___

Useful Tool: Cogent Realty’s Office Space Calculator is an easy to use tool that can estimate the size of your next office.

 

RENTAL PRICES:

• Expenses- Controlling overhead expenses can make or break a company’s bottom line. In today’s Manhattan office market, this balancing act is particularly challenging for firms operating outside of the top tier.
• Price Per Square Foot- When it comes to leasing office space, price per square foot can vary greatly. Elite buildings in prime locations, can easily exceed $90 per square foot. However, for those on a more economical budget, there are plenty of options available at a lower cost. Class B and C properties often offer discounted rents starting as low as $35 per square foot, providing an affordable option with all of the necessary amenities.
• Tenant Incentives- Every dollar counts when it comes to the cost of an office lease. Fortunately, building owners are often willing to offer incentives in order to attract tenants. These can include a rent-free period at the beginning of the lease, customizing the space to fit the Tenant’s needs, and even offering cash for renovations managed by a Tenant. In other words, Tenant Incentives can substantially lower your occupancy costs.
• Important Considerations- Settling for a cheaper option may not always be the best decision. It’s important to carefully consider factors like location, amenities, and the potential for future growth before signing a lease. In the long run, investing in a high-quality office space could pay off by attracting top talent and boosting productivity.
• Needs and Priorities- Ultimately, each organization must weigh their specific needs and priorities such as location, quality and price, when making the critical decision of where and how to establish their office base.

Pricing Insight: Market Rent is the weighted average rental income per square foot, that a group of properties would most probably command in the open market. This office space guide provides preliminary information.  Click the link for Cogent Realty Advisors’ comprehensive Office Market Report.

 

Office space cost in popular NYC neighborhoods:

Chelsea- $63.91 PSF, location 12th – 30th Street, between Hudson River and Sixth Avenue

Downtown Brooklyn- $47.83 PSF, location Furman Street to Navy Street, East River to Atlantic Avenue

Financial District- $55.60 PSF, location Liberty- South Street, between Broadway and East River

Gramercy Park- $72.18 PSF, location 30th- 12th Street, between Sixth Avenue and East River

Grand Central- $76.55 PSF, location 47th- 38th Street, between Fifth Avenue and Second Avenue

Plaza District- $89.75 PSF, location 66th- 47th Street, between Sixth Avenue and East River

Penn Plaza including Hudson Yards– $69.21 PSF, location 47th- 30th Street, between Hudson River and Sixth Avenue

 

 

 

Finding the Perfect Office Space is a Big Decision

• As a NO FEE tenant-representation company, Cogent Realty Advisors Inc., is unique in the commercial real estate industry. While many firms work for both building owners and tenants, we focus solely on representing the interests of clients.
• We provide objective, unbiased expertise in finding and negotiating lease agreements for office space. Our experience and knowledge in the NYC market means that we can secure the best office space for our clients with favorable terms and pricing.
• Put simply, Cogent Realty Advisors, Inc. is dedicated to getting our clients the best deal possible.

 

About Cogent Realty Advisors NYC

When searching for an office space, it’s important to consider a variety of factors such as size, location, amenities, and budget. A NO FEE tenant-representation agency such as Cogent Realty Advisors can assist with the often-overwhelming process of finding the perfect workspace. We have the knowledge and resources to help you identify what you need and what you can afford, streamlining the search process for you. Don’t hesitate to reach out to us for expert assistance in finding your company the right space at the right price. Phone (212) 509-4049.

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