LATEST NEWS

Top Five Office Spaces For Sublease In Prime Manhattan Locations

Even though NYC’s office asking rents are shooting through the roof, you can still find a great bargain.

By Team Agorafy November 18, 2016
Photo courtesy of Rikki Chan

Gone are the days when Manhattan boasted the most coveted real estate in town. Developers are now elbowing each other for the precious land parcels in outer boroughs. Retail space? It’s a no brainer that the best places to generate profit are “up-and-coming” neighborhoods—and when was the last time those could be found in Manhattan?

Office space leasing is still, however, where Manhattan is tops, particularly in Midtown or the Financial District – unless, of course, the company in question is a millennial-run tech start up. No business rules apply to these cool dudes.

“Fancy,” comes at a price. Office leasing trends these days are defying the basic market rules: While there is a space oversupply risk, the prices are still miraculously growing. In Midtown, for example, the median asking rent is $75 a square foot, and lots of spaces cost way above $100. Considering the fact that most of these deals are triple net leases, meaning—you’d have to factor in taxes, insurance and maintenance, your monthly rent bill will feel like a punch in the solar plexus.

RelatedTop Five Apartments For Rent Next To Soon-To-Open Second Avenue Train

Don’t despair. You can still score a relatively cheap office space without having to sacrifice your prime location dream—if you are willing to consider a sublease deal.

Those can be a great option.

First, small spaces (up to 2,000 square feet) are easier to score through subleasing. Second, most subleases only have a flat monthly rent. The sublessor take care of the common areas and other, often obscure fees. Finally, a sublease space will most likely come turnkey ready, and amenities, like Internet access, are often included.

RelatedTop Five Best Buys In Bedstuy For Around A Cool Mil

Here at Agorafy we browsed through the available options in prime Manhattan locations and picked top five office spaces for sublease.

 

Midtown / 545 Fifth Avenue, Suite 901

Asking Rent: $50 per sq.ft.          Median Rent: $75 per sq.ft.

545fifthave

 

Midtown West / 720-722 Fifth Avenue, 9th Floor

Asking Rent: $55 per sq.ft.          Median Rent: $75 per sq.ft.

my_first-screenhot

 

Financial District / 42 Broadway, 3rd Floor

Asking Rent: $30 per sq.ft.                 Median Rent: $55 per sq.ft.

42broadway

 

Flatiron / 250 Park Avenue South, 2nd Floor

Asking Rent: $45 per sq.ft.        Median Rent: $72 per sq.ft.

250parkavesouth

 

Greenwich Village / 39 West 14th Street, 4th Floor

Asking Rent: $52 per sq.ft.      Median Rent: $58 per sq.ft.

39w14th

 

 

Team Agorafy

ABOUT THE AUTHOR Team Agorafy

ABOUT THE AUTHOR Team Agorafy

Our mission is to be the most accurate resource for commercial listings, residential listings, and property information, allowing users to make highly-informed decisions based on current market data.

  • AGORAFY
    Avocado toasts are the reason why millennials can’t afford a home, says one Australian real estate developer. #AvocadoToast #Millennials https://goo.gl/TBCPnv
  • AGORAFY
    Five years on since Superstorm Sandy, Queens’ coastal peninsula is in the midst of a development boom. #Development #Rockaways https://goo.gl/BRKRrD
  • AGORAFY
    It turns out, renters can’t get enough of good ol’ no-doorman-no-frills apartments. Too bad developers aren’t building any. #Doorman #LuxuryRentals https://goo.gl/pdnbo6
The Housing Market In Shenzhen, The Silicon Valley of China, Slows In 2017
The city of Shenzhen has been on the real estate radar for quite some time. It is known as the Silicon Valley of China. Many…
Developers Jump Aboard The Trend To Revamp Transit Hubs And Remake Cities
Never has the often used marketing term, “close to transportation” been more important when attracting home buyers. These days it’s not just homes that are…
Millennials Are Fueling The Current Sizzling Real Estate Market
Ever wondered why the hosts of home improvement shows seem to be getting progressively younger, along with the fresh-faced couples getting their new properties made…
The Best Cities For Recent Grads To Rent – Without Blowing Their Entire Paycheck
What’s next post graduation? For most, the logical answer is to find a job. After the excitement of finishing your studies and the big celebration,…
Luxury Knows No Limit In Malaysia As A Deluge Of New Developments Hit The Market
The amount of newly constructed high-end real estate in Malaysia is almost as abundant as the lush vegetation which covers the tropical landscape. Despite vacant…
Don’t Call It A Commune – Upscale Co-Living Is Attracting Major Development
What may have once been referred to as a commune is today termed a co-living space. The big news that it’s not hippies with hemp…
It’s Official—New York Is Now The Most Expensive City In The World To Build
As if you didn’t already know, it’s expensive to build in New York City. Not just expensive but now officially the most expensive place in…
An Ultimate Destination For The Most Comprehensive Real Estate Data, Agorafy Prepares To Launch Nationwide
In the coming days, Agorafy will be entering a new chapter. It is the beginning of a new growth cycle in real estate technology with…

TOP 10