By Pat Vedder
pace of 6% this decade, most of the growth coming from immigrants moving into the city for new business growth and job opportunities – all of these factors make it expensive to rent Manhattan office space. Manhattan office space vacancy rates which were at an all time low before the economic crisis have gone up slightly and office space rentals have gone down from their peak of $51 per square foot. These prices fluctuate depending on location, amenities, lease terms (monthly, 6 or 12 month lease terms, etc.) This trend will not last long as
analysts see an upward trend in the leading commercial real estate markets in the US. The city of New York is said to have the lowest of crime rates when compared to other cities (like Chicago, Boston, Miami, etc.) and Manhattan has fashioned this
approach. A lot of the early crimes were said to be from the influx of immigrants but these situations have since been under control throughout the city. We service the entire local area including: Chelsea, East Village, Financial District, Garment District, Grand Central Station, Midtown and Midtown East, Penn Station, Tribeca, and of course Wall Street.
Local Economy in Manhattan and Industries:
Manhattan has been slated as one of the most expensive places to live in theUnited States, so given this fact, the commercial real estate properties are priced at the top of the national office rental market (that goes for executive suites, serviced units, temporary spaces and conference rooms). Its main areas of focus are in the realms of commerce, finance and culture. The finance industry is the largest economic contributor to the city which pushes the rental rates on Manhattan office space. Wall Street is another huge job market. The city is home to the headquarters of the United Nations, the New York Stock Exchange and NASDAQ. Madison Avenue is synonym as the representative for the advertising industry. Seven out of the eight world’s top global advertising agencies are located here. The former Twin Towers,
part of the World Trade Center that was attacked in the 9/11 was located here. New Commercial developments are now underway to rebuild the tower to overtake its former glory and will be known
as the One World Trade Center.
Downtown Manhattan and Local Business:
Downtown Manhattan, commonly known as
Lower Manhattan is where the government of New York City and the heart of the business center are located. Lower Manhattan is surrounded by the 14 th Street, the Hudson River, the East River and the New York Harbor. Some major streets in the area include Chambers Street, the Brooklyn Bridge, Canal Street and 23 rd Street. Chinatown is located at the north of Chambers and Brooklyn Bridge and is New York’s oldest Chinese neighborhood. Incidentally, Manhattan’s Chinatown has the most numbers of
Chinese populations outside of Asia. Downtown is full of activities, fun and entertainment with lively nightlife scenes. The names here have unique abbreviations. For example the TriBeCa stands for Triangle Below Canal Street and SoHo actually stands for South of Houston. A new addition to these unusual names is the NoLita which represents North of Little Italy. The Alphabet City is named as such because of the Avenue that ranges from A to D. Renting an office space in Manhattan is a must for any business (large or small) that wants to make a name for themselves.
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