Office Space
When you have a business, you always want what’s best for your company. Whether it grows or sinks is up to you, so it’s essential to find out what can help the business most. A large part of this is finding where to open your office space. Your office space location is important, as it’ll determine who can access the space and what type of environment you’re surrounded by. Both of these are essential to growth, as if people can’t access your office and you’re around other companies of little likeliness, you won’t receive as much traffic or support and recognition.
New York City is often seen as one of the best places to open office space in the United States. Not only is it recognizable, but it’s beautiful and diverse. When you think of New York City, it’s likely you’ll imagine highly professional companies housed in tall skyscrapers, busy streets, and tons of pedestrian traffic. What you may not realize, though, is that there are five boroughs of NYC. These are Brooklyn, Queens, the Bronx, Staten Island, and Manhattan. Manhattan is the iconic image of New York City, as it’s been considered the hub of the city, and it’s the one that is full of skyscrapers and pedestrian traffic. Within Manhattan, though, there are three main subsections, Upper Manhattan, Midtown Manhattan, and Lower Manhattan, which then split into about 60 different neighborhoods nestled inside. When considering opening your office space in Manhattan, you must identify which neighborhood is best for you.
When people think of Tribeca, they’ll tend to picture the incredibly tall buildings and hip feel, but they’ll neglect to understand how the neighborhood got to this point. Before settlements began, the natives occupied this land. When the Dutch immigrated to their land in the mid 1600’s, they began to form more established farmland. Just a few years later, though, the English took over the farmland and began transforming it into a more colonized area. Various churches and buildings were constructed throughout the 1700’s, and then the 1800’s created a boom in the industry here.
After the American Civil War, the area currently known as Tribeca was a large part of the shipping and freighting industry. This is because its location on the Hudson River allowed access
to piers. This shipping market increased the expansion of the Washington Market which was a produce market in modern day Tribeca. Warehouses and homes turned into produce storage buildings. In the mid-19th century, though, it turned its industry to textiles, dry goods, and smaller outlets and radio stores. Upon the construction of the World Trade Center, these industries also fell.
Eventually, further development began including factors like the Holland Tunnel, West Side Highway, and Manhattan Community College. These allowed greater access to the area as well as an increase in pedestrian traffic. Today, Tribeca is taking advantage of all of its rich history. Now, in place of the workshops and industrial buildings are residential complexes and corporate spaces. They have been transformed into a high rise and lofted areas which are seen as ideal for modernized neighborhoods like this. Combined with the beautiful and historic cobblestone roads, Tribeca is often seen as a competitive and desirable location to rent office space from. If you’re considering renting office space in an area of Manhattan, Tribeca is absolutely a top choice.
Because Tribeca is such a modernized yet historic and industrial location, it’s one of the best places to rent an office space in New York City. There are plenty of reasons to open or continue your business here, and before moving you should fully recognize the extent of the benefits that Tribeca can offer you. These positive aspects include being around notable historic buildings and sites, there being a good amount of pedestrian traffic and recognizable stores around, and the pure aesthetic of the neighborhood Tribeca. Regardless of what your reason is to consider moving here, you will benefit, nonetheless.
One of the top reasons that people consider opening office space in Tribeca is because of the notable historic buildings and sites in the immediate and surrounding area. The more historic attractions there are the more people that will want to visit. Some of the most recognizable attractions here include One World Trade Center, The Woolworth Building, FDNY Ladder 8 where the Ghostbusters movie was filmed, and Washington Street. These tourist attractions tend to draw in tons of people each year, and if your company were to be among the streets of Tribeca, you could gain a lot of attention from both locals and visitors.
Another factor that could help your business grow, therefore benefitting the company, is the amount of pedestrian traffic in Tribeca, especially from the number of stores. As of 2016, there were just over 17,000 residents in the small area of Tribeca. In addition to these, people from nearby neighborhoods tend to visit to get to a place they want to shop at or experience. Some of these iconic stores include The Mysterious Book Shop, J. Crew, Playing Mantis, and Nili Lotan. Another form of pedestrian traffic in Tribeca stems from the Tribeca Film Festival. This is an event where independent filmmakers’ movies are broadcasted. It tends to gain a ton of attention from both locals and visitors. Whatever the reason for people visiting or experiencing Tribeca, the more traffic the town gets, the more attention your business should.
The last and often the most considered reason for opening an office in Tribeca is the pure aesthetic of the area. Beautiful cobblestone roads, industrial lofts, and high rises attract companies there, as the more attractive the area, the higher the likeliness for a better retention rate. If you open your office in a beautiful space, you may be happier than if your business is in a less attractive area.
Regardless of the reason for opening an office in Tribeca, once you do so, you will not be disappointed.
Before considering moving anywhere, you should always keep transportation in mind. Is there a way for your clients and employees to get into your office? If there is no accessible transportation or means of access, this may hinder your company’s growth and both employee and customer retention. Thankfully, there are many ways to get to and from, as well as around the neighborhood of Tribeca. You can easily get around by train, bus, bicycle, or on foot.
Easily deemed the most convenient way to access and get around Tribeca is by train. Many MTA trains are available and run directly through this neighborhood. Wherever you go, there will always be a train station within a few blocks. Some of the most common trains here are the 1, 2, 3, A, C, E, R, and W lines. These trains can essentially get you anywhere throughout Manhattan and other boroughs like Queens, so your customers and employees should not have a difficult time reaching your office. And if the train can’t bring you as close to the office as you’d hope, many buses run throughout Tribeca. The most common buses include the M9, M20, M22, M55, and various SIM lines. Thus, with both trains and buses readily available, ease of access is high.
Once you’re in Tribeca, though, you may want a more convenient or cheaper way of getting around. That’s where bicycle traffic comes in. CitiBike, a bicycle rental company, has plenty of rental stations throughout this neighborhood. Essentially, all you have to do is rent a bike from a station, ride it, and return it to any empty station slot when you’re done using it. Tribeca is a bicycle friendly neighborhood, meaning there are bike lanes and streets that support bicyclists. It provides a great way for people to get around the neighborhood.
A final way to get around Tribeca is on foot. The neighborhood is extremely friendly to pedestrians, meaning that sidewalks are well-kept and accessible. In fact, Tribeca received a score of 99 out of 100 on the Walk Score for its walking accessibility. This score indicates that you don’t need a vehicle or form of transportation to get around and access what you may need to.
Clearly, because there are so many forms of transportation available in Tribeca, it’s a great place to open an office. This way, clients and employees will easily be able to access the office space, and once there they can get around town simply.
Before moving into any office space, you must consider the finances associated with it. That’s because if you decide you want to move to a place you can’t afford, you can lose money and put your company in a bad situation. Compared to other areas in Manhattan, Tribeca rental buildings are seen as highly competitive and expensive. That’s because Tribeca is a smaller neighborhood with little office space available. In total, there are only about 87 buildings within the neighborhood. Distributed between each of these buildings, there are approximately 10.5 million square feet of space. This accounts for just above 1 percent of the entire market space in NYC, putting it ranked as 24th of 69 recognized neighborhoods in terms of most space available. The less of something there is, the more of a demand that exists. This means that because there isn’t a lot of space available in Tribeca, office rentals become more competitive. And since the neighborhood is more competitive, there’s a higher cost for a Tribeca leasing office.
Since demand in Tribeca is so high, but so few places are available, the cost of rentals is high. In fact, it’s ranked 12th of 69 most expensive rental neighborhoods in New York City. On average, it costs approximately $66.97 per square foot of office rental in Tribeca. This falls under the World Trade Center at $67.10 per square foot, the U.N. Plaza at $67.88 per square foot, and the Upper East Side at $70.60 per square foot. What all of these neighborhoods have in common is their shared notoriety and accessibility. The more popular a neighborhood is, the higher the cost. Clearly, when compared to the aforementioned neighborhoods, this puts Tribeca’s popularity into perspective.
Based on the numbers mentioned above, it’s well-defined that Tribeca is a high-end location with a high price tag. If you can afford an office lease here, though, you won’t regret it.
When you’re searching for Tribeca commercial real estate for rent in New York City, you may become stressed out. That’s because there’s a lot to know about rentals and finding the best one for you and your business can seem difficult, especially in Tribeca. There are so many options and locations, so how do you know which one is best? In order to answer this question, you must ask yourself some other questions first. What is it that you’re looking for in an office space? Is there nearby transportation? Can you see your business growing there? Since there are so many factors to consider, we’ve outlined some top Tribeca rentals below.
Located on the Western end of Tribeca, 401 Broadway is a large building with tons of office spaces available. This means you’ll be free to choose which Tribeca office is best for you in the building. The building itself was built in 1930, but since then the interior has been updated. There are 26 floors, and, in total, about 230,000 square feet of space. The attended lobby allows access to 5 different elevators. Each floor differs in the number of offices available. Some allow rental of the entire floor, while others are split up into units. Because of this, the space per office ranges, as do the number of smaller offices and rooms within each individual unit. What they do share, though, are access to bicycle storage, a FedEx and UPS drop box on site, and an enormous amount of natural light. Most units have high ceilings and kitchens or
kitchenettes as well. In terms of accessibility, plenty of public transportation is around this building; the 1, 4, 5, 6, A, C, E, N, Q, R, J, and Z trains are all within walking distance. In addition to this, a CitiBike station and an X27 and X28 bus stop are just a block away. With this amount of accessible transportation, you’re sure to have high retention rates. If you’ve been searching for a Tribeca office space in a large building surrounded by accessible transportation options, 401 Broadway may be right for you!
99 Hudson Street is located on the northwestern end of Tribeca, Manhattan. The building was constructed in 1930 but has since been renovated in 2009. This means that it’s more modernized than the other buildings you may find in Tribeca. There are 17 floors in this building, and a total of nearly 123,000 square feet is spread across of all of them. There is a beautiful and furnished attended lobby as well, and on-site security can be found here. With these precautions, your company will always be protected. There are multiple units available for rent here, and each varies in what they offer. Each unit is just about 12,000 square feet, thus making it excellent for a larger and more established business. High ceilings and natural light allow the units to feel even larger than they already are, too. Regarding accessibility, there are many train lines nearby. Some of the most common ones include the 1, 2, 3, A, C, and E lines. In addition to these, a CitiBike location and M20 stop are right on the corner of the block. If a larger rental is in your sights, 99 Hudson Street could be perfect for your company.
If you’ve decided that you’d like to rent an office space in Tribeca, remember to keep your eyes peeled and be ready to act fast. Tribeca’s market is competitive, so it’s likely your dream location won’t stay on the market for an extended period of time. In order to increase your chances of getting the place you want, you must be ready to act.
Tribeca offices may be hard to come by, but if you stay motivated and have all of your information ready to sign a lease, you’ll surely be ecstatic to rent an office in Tribeca!
