Lofty and Collaborative Office Spaces in New York City
Midtown South is a buzzword used to describe one of the hottest submarkets for both residential and commercial real estate in America. Though there are no concrete geographic boundaries, the loose interpretation is as follows: The neighborhoods in Manhattan south of 34th Street, down to Canal Street. These areas include Gramercy, The East Village, The West Village, Union Square, Flatiron, Chelsea, NoMad, TriBeca, Meatpacking, and Hudson Square– just to name a few.
Below are the top 5 reasons why most tech and creative firms are moving to Midtown South.
- Culture: Most tech, media, advertising, fashion and e-commerce companies prefer to work where there is a promise of interaction with others in synergistic fields. Collaboration with other groups is crucial to their culture and formula for success. These users would often rather be in a tech and media centric neighborhood than in the Grand Central area or The Plaza District, which are both more conservative and buttoned up. Neighborhoods where suits and ties are encouraged is about as foreign to these firms as not having a Twitter account or blog.
- Building Stock: The vast majority of office buildings in Midtown South were antiquated up until several years ago. However, a recent influx of capital to improve outdated assets has attracted many creative, media, advertising and tech tenants. Most of these loft office spaces feature exposed ceilings, polished concrete or wood floors, and above normal (by Midtown standards) ceiling heights.
- Pricing: The original migration to Midtown South occurred because it was a cheap office space alternative to Midtown. However, as demand spiked over the last few years, the inherent savings between the two has diminished. As a matter of fact, many of the better loft buildings in Midtown South trade at a premium to similar quality buildings in Midtown.
- Commutation Patterns: People want to work near their homes. As more and more young people are opting to live in Midtown South neighborhoods (as well as Downtown Manhattan and Brooklyn), the convenience of Midtown South to recruit top talent has become a very large driver for demand.
- The Lifestyle Choice: Filled with cafes, bars, restaurants, hotels, and nightlife, there is a buzzing scene in the Midtown South areas.
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