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Office Space Rates NYC

started by cogentrealty on 31 Jul 14
  • cogentrealty
    If your business needs more space, now is a great time to lease out new office space. New York City experienced a decrease in vacant office space in the second quarter of this year and an increase in price per square foot. Now is the time to act and rent out the midtown Manhattan office space your company needs. Once you know the specific location where you are interested in renting office space, you need quality real estate advisers to help negotiate your business lease.

    According to the Costar Group, the New York City office vacancy rate decreased to 8.4% during the second quarter of 2014. During the first quarter of 2014, the office vacancy rate in New York City was at 8.5%. The office space rates New York City 2nd quarter 2014 also increased, from $54.59 per square foot in the first quarter to $55.28 per square foot in the second quarter.

    This data shows that more companies are renting out office space in New York City again. A few companies signed large office leases during the last quarter. The Time Publishing Ventures rented out 659,714 square feet of new office space at the Two World Financial Center. Google is also expanding their New York City office space. During the second quarter, they signed a new lease for 76,361 square feet at Chelsea Market.

    Office Space Rates NYC

    If your business wants to rent out office space in Manhattan, they need to move fast. The occupancy rate for office space in Midtown Manhattan is currently at 92.1%. That means there is only a small market of available office space. Renting office space in Midtown Manhattan range from $46.91 per square foot in the Penn Station/Garment District all the way up to $65.58 in the Plaza District.

    Before you start searching for office space in Midtown Manhattan, make sure you know what you are looking for. One of the most important considerations when renting out office space is location. You need a location that is close to transportation as well as your clients and suppliers. Next, you need to consider what type of pricing you can afford. The price your business can afford can greatly influence what type of location you are able to rent. After pricing, you need to take into consideration what type of building quality and amenities you are looking for.

    Do not search on your own. Contact the experienced team at Cogent Realty Advisors to help you find your new office space. They can work with building owners and help you negotiate lower contract rents. They can also help you obtain a tenant incentive package that includes landlord funded renovations as well as rent abatement.

    If you want to lease office space in New York City, act now. During the last quarter, the rate of vacant office spaces decreased and the rate charged per square foot for office spaces increased. Make sure you employ an experienced team like the one at Cogent to help you negotiate your rental contract.

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