Guide To Office Space in New York
New York City is without question, one of the most important financial and economic cities in the whole of the world. The City of new York is comprised of five main boroughs – Brooklyn, Queens, Bronx, Staten Island and Manhattan. Its central business district is one of the key global financial districts, along with London, and Tokyo. The NYSE (New York Stock Exchange) and NASDAQ stock markets are based in the borough of Manhattan. Most of the commercial activity in New York in based in the Manhattan area, which accounts for 66% of all employment in the city of New York.
Over eight million people live in NYC making it the largest city in the whole of the US, It has a diverse, eclectic mix of people spread over contrasting districts such as TriBeCa , Greenwich Village, Little Italy, Harlem and Chinatown. Although the city is often portrayed as a monotonous sprawl of high-rise buildings, filled with city slicker executives making million of dollars on the stock market, the reality is that there is a wealth of differing people within the City.
The City of New York is one of the most expensive areas to own or lease real commercial estate in, not just in North America, but also across the globe. In fact it is ranked 13th in the list of most expensive cities to be a resident in.
Prime commercial rents for New York office space can go as high as $115 per square foot for class A space. In fact according to a report by CBRE, Manhattan has the 13th highest occupancy costs of any CBD (central business district). Before the banking crisis of 2007, it is likely that Manhattan was in fact higher than this in the global list. It is the financial, economic and commercial epicenter for the whole of the US. With the expansion of the financial services sector in the last 20 years, the area and the companies that operate their have become more important and more powerful politically.
New York has a mixture of commercial property, including business centers (executive suites), and conventional office space. Currently there are over 75 business centers, with more scheduled to be built as the demand for flexible office space increases.
Midtown is the principal part of New York office market, with much of the office space being class A space, occupied principally by financial companies, particularly investment banks but also law firms. However, you can also get workspace in prime locations such as Madison Avenue, the Chrysler building, Lexington Avenue and Broadway by using executive suites. Lower Manhattan offices are also heavily reliant on the financial sector, with the NYSE and NADAQ being located here, as well as the most famous city street in the US, Wall Street.
Other popular office space location in NYC include Union Square, Gramercy and Chelsea all of which have seen increased activity for those seeking flexible office space in New York. These areas have been popular with businesses in the media and creative sectors, contrasting with the pin stripped bankers who frequent lower Manhattan offices.