List of Affordable NY Neighborhoods to Lease a Commercial Space
By: John Garcia | Date Posted: August 31, 2022
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After the growth of Silicon Valley, the real estate business of New York saw a boom. That trend is still going on. Commercial spaces in Rockland County and Westchester County are selling like a hot cake.
New York City is one of the busiest cities in the world to this day. It is also a densely populated city. The high demand and the real estate market are so high that many people can only dream of living here. Startup companies like Google, Facebook, Amazon, Apple, and Tesla started their large-scale corporate journey from here. New York offers one of the most expensive commercial spaces with modern facilities. But multiple neighborhoods offer affordable office spaces.
Characteristics of a commercial real estate
Commercial real estate is space in a property that is used solely for the use of commercial and official purposes. In most cases, commercial real estate is rented. Only a few companies, especially giant tech companies, have their own space. Commercial real estate can be in a variety of forms. They can be used for retail, industrial, office, and multifamily rental. Similarly, they could be categorized in many classes, for example, class A, Class B, and more. Moreover, commercial leases are something that can be divided into many parts.
A brief scenario of the New York commercial property market
New York City has the world’s biggest commercial real estate market. The city is the world’s epicenter for official spaces with huge office spaces. Most of the offices are located in rented office space. Some of the larger companies have their own office space here.
Moreover, New York City and surrounding suburban neighborhoods include many office spaces for national and international companies.
Top locations to lease in NYC for commercial purposes
New York is full of quality commercial spaces for office purposes. There is a specific neighborhood that is known for its CRE. Some of the well-known neighborhoods for commercial spaces are described below:
With historical architecture and a hip vibe, Tribeca is well known for its rental commercial spaces. Also, the neighborhood is known for its easy access to public transit. So, the employees and the clients don’t have to run for cabs to go places. Additionally, this place is known for the finest restaurants and fashionable boutiques, making this an admirable place for working. Notable businesses which have settled in Tribeca include Warby Parker, Citigroup, and Sigma Investments. This neighborhood costs, on average, $87 per square foot.
Saho is situated right next to Tribeca. Soho is another neighborhood that is known for its elegant architecture, fashion-forward vibe, and trend-setting restaurants. People of this area can easily access the subway, so transportation is not a concern. The market for renter commercial space is a bit competitive here for the benefits it provides. On average, the asking rent in Soho is $77 per square foot. Moreover, the area is seeing a boom in commercial spaces. In the future, they will accommodate many office spaces.
Columbus Circle is located in the center of New York City, at the southwest corner of Central Park. This neighborhood includes popular spaces like Jazz at Lincoln Center and various Shops. This part of the city has so much to give to the people who work and live here. Also, the city is known for its well-equipped public transit, especially the west side highway. This makes it the best spot for commuters from Westchester, New Jersey, and other notable cities.
Moreover, the area has been established by banks, business hubs, and stockbrokers. Also, this neighborhood includes Penguin Random House and Time-Warner AOL. The rental property is average compared to the New York City average. Renters can get $78 per square foot for a great property.
This is the largest business district in the entire world. Also, the area is affordable for new business companies to rent official spaces. By taking the benefit of the best quality spaces, many businesses make their home and make a profit. Some big names that have made their fortune are Bank of America, Ernst and Young, Boston Consulting Group, and Twitter. The affordable rent is, on average $76 per square foot. Likewise, this area is also known for its great subway system.
Chelsea is one of the neighborhoods that has turned itself from a manufacturing hub to a professional business for technological issues. It is the best place for creative people, as the city has many art museums and centers celebrating art and liberty. If someone is looking for a commercial place to start their business, then Chelsea is the best place to do so. Moreover, this neighborhood can offer a flexible place for business, for example, a warehouse, official business, manufacturing buildings, and more.
The Flatiron District
Flatiron District is well known for its tech-related business. This is also considered the epicenter of silicon alley. This is one of the best and most preferred areas for starting a business. Also, the area offers many commercial spaces according to the needs of the businesses. The Flatiron district can be a great starting point for entrepreneurs and businesses in the early stages. The area will offer so much to help grow the business.
Additionally, this neighborhood has so many great coffee shops, bars, creative spaces, public transport, and many more to grow as a person. Madison Square Park is a place that offers the people here to have lunch and spend happy hours during office breaks. Companies like Sony, Mashable, Peloton, and many more have their office spaces in the Flatiron district. Moreover, Flatiron offers 2,300 square feet of small office space to 5,000 square feet of large commercial space.
New York is full of opportunities. This is a trendy and culturally significant area that can offer your business so many opportunities. Although the city is known for its expensive real estate, it is also easy to find affordable commercial spaces. Just by looking at the right neighborhood, you can find the right space for your new lease.
Thank you for reading!