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.
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.
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.
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.
Midtown West / 720-722 Fifth Avenue, 9th Floor
Asking Rent: $55 per sq.ft. Median Rent: $75 per sq.ft.
Financial District / 42 Broadway, 3rd Floor
Asking Rent: $30 per sq.ft. Median Rent: $55 per sq.ft.
Flatiron / 250 Park Avenue South, 2nd Floor
Asking Rent: $45 per sq.ft. Median Rent: $72 per sq.ft.
Greenwich Village / 39 West 14th Street, 4th Floor
Asking Rent: $52 per sq.ft. Median Rent: $58 per sq.ft.
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