One of the hottest office markets in the entire country, Midtown South is packed with trendy tech, media, fashion and marketing firms. More hip than Midtown to the north and Downtown to the south, Midtown South has emerged as a top destination for New York City businesses in recent years. As a collection of individual neighborhoods, this office market is noted for its trendy vibe and appeal to companies with younger workforces who want to be on the cutting-edge.
Overview
Midtown South is an office market that actually consists of a multitude of neighborhoods bounded roughly by 30th Street to the north, Canal Street to the south, the East River to the east and the Hudson River to the west. It holds well-known communities such as the Flatiron District, Chelsea, SoHo, Tribeca and Greenwich Village.
The office market is home to many subway stations and bus stops, making it easy to reach. Commuter transit is accessible from Penn Station, Grand Central Terminal and the Port Authority Bus Terminal to the north in Midtown proper. The district is home to “Silicon Alley,” the city’s booming tech hub, as well as a high concentration of advertising, design, fashion and media firms.
Advantages
Midtown South boasts an expansive office building inventory of older buildings with large floorplates and high ceilings, making it an outstanding choice for companies in sectors such as tech, media, fashion, design, advertising and creative services. It’s also extremely convenient to get to, being sandwiched between Midtown and Downtown and easy to reach from the Brooklyn, Queens and the New Jersey riverfront as well. It also holds some of the top shops, restaurants and other amenities in the city, such as Madison Square Park, Washington Square Park and the High Line. For companies seeking a trendy, vibrant and accessible area, the district is hard to beat.
Disadvantages
The district commands a very high premium, with asking rents nearly matching or even exceeding Midtown proper in many cases. This makes it a poor choice for companies looking to cut costs or downsize and also hampers the ability of smaller, startup companies to grow. In addition, Midtown South generally holds an older office building inventory; something that may be attractive to tech and design firms but a serious drawback for companies seeking contemporary office space with cutting-edge amenities. The office market also lacks the direct commuter hub connections to the suburbs that Midtown proper offers, making it less accessible for companies with workforces coming from the suburbs.
Verdict
Despite its high rents and lack of direct commuter connections, this office market is still a great place to do business – as its costs and demand clearly attest! For startups and creative-minded companies in fields such as tech, design and media, the district offers the building inventory options, convenience and hip vibe they’ve been looking for.