For decades, both Midtown Manhattan and Downtown Manhattan have been the leading business districts in New York City. Over the years, each has transformed significantly. Downtown Manhattan has shed its reputation as a 9 to 5 financial district and now boasts a vibrant residential population alongside fast-growing tech, media and creative services sectors. Midtown Manhattan, on the other hand, is steadily being transformed by the gargantuan Hudson Yards project on the Far West Side as well as being revitalized in its core by the recently passed Midtown East rezoning.
Although both central business districts are distinctly unique in their own right, each one offers their own advantages and benefits for New York City businesses, organizations and institutions. Here’s a quick look at the unique advantages of each one and which one might be best for your company!
Advantages of Midtown Manhattan
Midtown Manhattan is the largest central business district in the United States and is also widely seen as one of the most prestigious and elite in the entire world. For companies seeking a well-known address with an air of global prestige, Midtown is definitely the place to be.
Its main advantages are its abundant transportation options, particular its links to the greater New York City area. Penn Station, Grand Central Terminal and the Port Authority Bus Terminal all offer intercity and regional transportation links via the Long Island Rail Road, Metro-North Railroad, New Jersey Transit rail and bus service and Amtrak. In addition, it also holds a vast concentration of subway lines and PATH trains to New Jersey as well. Midtown Manhattan is also home to many of New York City’s leading shops, restaurants and entertainment venues and also offers more office space than Lower Manhattan too. Finally, when it comes to prestige and global cosmopolitan appeal, Midtown is always tops.
Advantages of Downtown Manhattan
Downtown Manhattan has undergone rapid changes in recent years, becoming a 24/7 neighborhood with new shops, restaurants, apartments and hotels opening up at a frenetic pace. It also offers a good alternative to Midtown Manhattan with its own unique advantages as well.
Lower Manhattan is more economical compared to Midtown Manhattan and also offers closer proximity to Brooklyn and New Jersey riverfront cities like Hoboken and Jersey City, making it perfect for companies with Millennial-centric workforces. It also offers a trendy cache that Midtown lacks, making it very attractive for technology, creative services, digital marketing and media tenants. Although its transit options aren’t quite as good as Midtown’s, it offers a dense concentration of subway nodes at Fulton Center and the World Trade Center Transportation Hub, PATH trains, numerous bus routes and several ferry landings. In recent years, Lower Manhattan has become a trendy destination with new shops, destination restaurants and exciting new entertainment options as well.
Choosing Which is Best for Your Business
Ultimately, the only person who knows what’s best for your New York City business is you. Companies with suburban commuter workforces seeking global prestige will likely find Midtown to be a better deal while TAMI tenants seeking a more economical and trendy place to do business will likely prefer Downtown. In the end, each has its own unique advantages that appeal to companies of different sizes and sectors.