What is the Best NYC Neighborhood for Office Space?

Our clients often ask us – what is the best NYC neighborhood for office space? How do I determine what neighborhood I should move my office to? There are many things to consider when finding your first or next office space in NYC. Like residential neighborhoods, they’re all unique with pros, cons and have a different “vibe” to them. 

Here’s a list of all the NYC office neighborhoods and what you can expect to help you make your decision:

Union Square:

Union Square is known for its lively energy, easy transportation (including the L train for all you Brooklynites!), and for being popular among the tech and startup communities.  

What to expect:

• Accessibility by subway, bus and railroads:
  • 4, 5, 6, L, N, R and Q trains; M1, M2, M3, M7, M9, M14 busses
  • Not as easily accessible for LIRR, NJ Transit and Metro North travelers
• Tech and creative focused office spaces – think high ceilings, strong natural light, open layouts with phone booths and soft seating
• Union Square Park and Union Square market
• Relatively more expensive rents (unless you’re talking about a sublease)
• Limited office space inventory (because it’s a popular area)
• Coworking options: Industrious and WeWork

Grand Central (Midtown Manhattan):

Grand Central is the largest train station in the world, meaning it’s easily accessible for anyone in the tristate area. The neighborhood is known for easy access to transportation, iconic office buildings like the Chrysler Building and the corporate Midtown uniform (think Patagonia vests). 

What to expect:

• Very accessible by subway, bus and railroads:
  • 4, 5, 6, 7, S trains; Metro North, Long Island Railroad; M101, M102, M103, M1, M2, M3, M4, Q32, M42 busses 
  • Not as easily accessible for NJ Transit travelers
• Less expensive rents than other Downtown neighborhoods
• Access to business-friendly restaurants, university clubs and other corporate meeting spaces
• If you’re a financial company, a law firm or a large corporate company, you’ll be in good company 
• Many office space options here are older, corporate or more office intensive, although buildings like 10 Grand Central are helping to reinvent the area and attract tech and creative companies
• Coworking options: WeWork, Spaces, Industrious and Regus

Bryant Park (Midtown Manhattan):

Bryant Park is known for well…Bryant Park. In the warmer months you can find the tables, benches and grass filled with neighborhood office workers and in the cooler months the Winter Village brings ice skating, local food and holiday shops. 

What to expect:

• Accessibility by subway, bus and railroads:
  • B, D, F, M (Times Square and Grand Central transit close by) trains; M2, QM1, QM2, QM3, QM5, QM6, QM20 busses
  • Not as easily accessible for Brooklyn and NJ Transit travelers 
• Bryant Park: make sure you have an office blanket ready for lunch picnics, and you’ll want to get out early to score a seat in the sun during the warmer months
• The Public Library
• Newer buildings with impressive addresses – like the Grace Building and 5 Bryant Park – and an equally impressive mix of large-scale tenants  
• Rent mix – you can find brand new prebuilt offices with triple digit rents and heavily discounted subleases here depending on your needs
• Like Grand Central, if you’re a financial company, a law firm or large corporate company you’ll be in good company
• Coworking options: Industrious, WeWork and Regus

Flatiron:

Flatiron is named after one of Manhattan’s iconic landmarked buildings overlooking Madison Square Park. The neighborhood primarily attracts tech, startups and creative companies and is well known as a hub for innovation and entrepreneurship. 

What to expect:

• Accessibility by subway, bus and railroads:
  • 4, 6, N, R, F, M trains; M1, M101, M15, M2 busses
  • Not easily accessible for LIRR, NJ Transit and Metro North travelers
• Steps away from Madison Square Park
• Trendy restaurants on every corner for business lunches or post-work drinks
• Like Union Square, you’ll find tech and creative focused office spaces with high ceilings, strong natural light and emphasis on open area 
• Discounted subleases – there are more discounted subleases available in Flatiron than in Union Square, so you’re more likely to find exactly what you want within your budget
• Coworking options: Industrious, WeWork, The Yard and Regus

Soho (Lower Manhattan):

Soho screams luxury, recognizable old New York charm and cast-iron architecture, cobble streets and a high-end crowd. Here you’ll find high end retailers (and their office space), consumer focused startups, and plenty of creative companies that give the area that cool “x” factor. 

What to expect:

• Accessibility by subway, bus and railroads:
  • 4 and 6 trains; M20, M55 busses
  • Not easily accessible for LIRR, NJ Transit and Metro North travelers
• Beautiful buildings (you know when you’re in Soho) with old New York charm and updated interiors
• Luxury office space – think big windows overlooking quiet streets, natural light blanketing open floor plans, and high beamed ceilings 
• Trendy restaurants for business lunches, meetings or post work dinner – and some of the best coffee options in Manhattan 
• Influencers everywhere!
• Expensive rents – space in Soho tends to be limited due to high demand, so expect to pay more to be surrounded by charm and cobblestones (but that doesn’t mean you can’t find a discounted sublease here too)
• Coworking options: The Malin, The Farm, WeWork, Industrious and Regus

Penn Station:

Penn Station is known to be one of the biggest hubs for travel into the city, with the NJ Transit (which funnels people in from New Jersey and Newark Airport) and the Long Island Railroad. It’s become more of an office hot spot with the rise of Hudson Yards and the growth of the West Side, and you can always find a bustling crowd of tourists and office workers due to its accessibility. 

What to expect:

• Accessibility by subways, bus and railroads:
  • 1, 2, 3, A, C, E (also lines from Herald Square nearby) trains; LIRR, NJ Transit railroads; M1, M101, M104, M15, M7, Q60 busses
  • Not as easily accessible for Metro North travelers
• Rent mix – older buildings give you the option for less expected rents (but expect second generation, office intensive layouts), while newer buildings like 1 Penn Plaza are the exact opposite: trendy lobbies, in-building food options and beautifully built offices
• Coworking options: WeWork and Regus

Financial District (Lower Manhattan):

Financial District is known for the Bull on Wall Street, the Stock Exchange and the “old New York” feel. Here you’ll find big banks (of course), financial companies, and in recent years more tech startups and creative companies looking for a good deal on space.

What to expect:

• Accessibility by subway, bus, railroads and ferry:
  • 1, 2, 3, A, C, E, N, PATH trains; M103, M15, M55 busses; Staten Island Ferry
  • Not as easily accessible for LIRR, NJ Transit and Metro North travelers
• Walkability to the East River and Battery Park 
• Cute cobblestone streets
• Mixture of older and newer buildings:
  • Older buildings have less natural light and tend to have less expensive rents with more concessions like free rent
  • Newer buildings like One World Trade Center have higher rents and more natural light, but are still relatively less expensive than other neighborhoods
  • Because starting rents tend to be lower in the Financial District than in other neighborhoods, you can find even more discounted subleases from companies no longer using their space – if you’re looking for less than 5,000 square feet of space and a heavily discounted space, we’d start our search here
• As we said above, you’ll find big banks, financial companies, and in recent years more tech startups and creative companies looking for a good deal on space.
• Coworking options: Industrious, WeWork, Bond Collective and Regus

Chelsea:

Chelsea is known for the Highline, Little Island and the Chelsea Market. This neighborhood is the second biggest hub for tech companies (right after Flatiron). Google recently planted (literally) in this neighborhood boosting the area significantly during the work week. 

What to expect:

• Accessibility by subway, bus and railroads:
  • A, C, E, L, 1, 2, 3 trains; M1, M14, M55, M7 busses
  • Not as easily accessible for LIRR, NJ Transit and Metro North travelers
• Close to the Highline for fresh air and walks during the workday
• Close to Chelsea Piers for company outings and happy hours
• Newer offices (open layout plans are popular here)
• If you’re in big tech, you’ll be in good company
• Coworking options: Industrious, WeWork and Spaces

Times Square (Midtown Manhattan):

If you’re from NYC (or been here long enough) you know to avoid Times Square at all costs. Street vendors and people in costumes, slow walkers taking it all in, expensive food and just overall congestion. But the perk is if you have a space with a view of the ball drop – it might be worth it. 

What to expect:

• Accessibility by subway, bus and railroads:
  • 1, 2, 3, 7, N, Q, R trains; M1, M104, M7, and Q60 busses
  • Not as easily accessible for LIRR, NJ Transit and Metro North travelers
• Older buildings and a less desirable office area give you the option for less expensive rents (but expect second generation office layouts)
• Tourists everywhere (slow walker alert)
• Coworking options: WeWork and Regus

Are you looking for office space? Every other week we send out vetted spaces for you to look through. If you’d like to receive our email marketing, email me at brosenblatt@cresa.com