Manhattan is one of the most recognizable boroughs of New York City. Traditionally, when somebody imagines NYC, they’ll immediately think about Manhattan. The skyscrapers, the hustle and bustle, and the sheer number of people are just a few aspects that characterize this borough. There are some parts of Manhattan, however, that are unlike this. They are more relaxed, downbeat, and residential. Lower Manhattan is not one of those places.
As mentioned previously, Lower Manhattan is the typical image that you picture when you visualize the borough of Manhattan. Tall skyscrapers and busy streets are all around. Other than this fast-paced environment, there are other aspects that characterize the neighborhood.
Nearly all governmental agencies, financial industries, and big businesses in New York City have found themselves opening offices in Lower Manhattan, especially around Wall Street. Such industries include NASDAQ and the New York Stock Exchange, as well as New York City Hall and the U.S. Social Security Administration. Plenty of both small and large companies desire to open offices here, as it puts them in the center of a recognized business hub.
If you’ve ever wondered, “How much does office space in Lower Manhattan cost?” you may be surprised at the answer. On average, it costs about $75 per square foot to rent in Lower Manhattan. This is consistent with the average cost of rent per square foot throughout Manhattan. For such a recognizable area, this is a great cost to open office space in NYC.
What many people do not recognize is the historical background associated with Lower Manhattan. Before colonists began to arrive in Manhattan, this area was inhabited by the Lenape. Later on, European settlement began with the Dutch, and the English soon transformed this area into modern day New York.
Throughout the industrial era, Lower Manhattan began growing as the economic center of New York. This began with the grid system being established near Wall Street and continued to the development of county, city, and governmental functions there. Further down the line, more modern times called for a more technical environment of Lower Manhattan. Two of the most iconic projects in this time were the building of Battery Park and the World Trade Center.
Today, Lower Manhattan is seen as one of the most strongly built areas of Manhattan due to its recognition as the economic epicenter of NYC.
Lower Manhattan is a large neighborhood within the borough of Manhattan. This means some of the spaces you come across may not be equipped to be an effective office space. Additionally, there are multiple smaller subsections of neighborhoods within the larger category of Lower Manhattan. In order to find the best office space for lease, you must look at which neighborhood your company fits into. For example, more economic based companies may benefit most from a location in the Financial District, while more retail-based companies could benefit from a site in SoHo. Because it may be difficult to find an ideal location for your business, we’ve compiled a list of some of the top Downtown commercial real estate for rent available in Lower Manhattan, below.
Located in the Financial District of Lower Manhattan, which is the southernmost neighborhood within this district, Lord’s Court Building has plenty of high-end commercial office spaces for rent in Lower Manhattan. This building was built in 1902 but significantly renovated in 2017, thus making it very modern and aesthetically pleasing. The entire building is about 300,000 square feet split across 20 different floors, including a renovated lobby. Surrounded entirely by windows, you’re sure to enjoy the views and sunlight that the Financial District has to offer. Regarding the office space itself, there are 5 conference rooms of varying sizes, as well as two call rooms. With cleaning provided by the landlord from Monday through Friday, this office space will always remain pristine. Nearby are many transportation options, thus making it great for your employee and customer retention rate. The J, Z, 2, 3, 4, 5, and more train lines are available. Ultimately, Lord’s Court Building is a great option for those looking for luxury downtown office space for lease in Manhattan.
Within one of the northernmost neighborhoods in Lower Manhattan, 30 Cooper Square is on a quiet block in NoHo. Built in 1928, this 75,000 square foot building feels more historic than others in the immediate area, but it is still beautiful and functional. This trendy brick building is perfect for startup companies or those looking for a medium sized office space. There are many features that you’ll be able to enjoy with this space, including an open floor layout, lighting from three sides, and a unique structure and available furniture. All of the detailing inside gives it an older, yet modern vibe. Those who rent from this building will never have an issue with the heating and cooling conditions, too, as a new HVAC system was installed for perfection. Lastly, because of its prime location in NoHo of Lower Manhattan, plenty of transportation is nearby; the A, C, E, B, D, F, M, R, W, and 6 trains are all within walking distance. This makes it easy for employees and clients alike to visit your office space. If you’re looking for an easily accessible and beautiful office space in Lower Manhattan for lease, 30 Cooper Square is a top choice.
When you’re considering opening your office space Downtown, remember to identify which specific neighborhood within the district that you’d benefit most. Lower Manhattan is split up into about 16 separate neighborhoods, and each can offer you something different than the other.
Be sure to keep your eyes peeled for office space for rent in Lower Manhattan when they arrive, as spaces in Lower Manhattan rarely stay on the market for an extended period of time. Demand is high, so be sure you can act immediately! If you’re looking to open or continue your business in Lower Manhattan, stay focused and embrace the energy associated with this wonderful area!