​NYC Office Space For Rent on Wall Street Disappearing as Residential Moves In

Wall Street, one of the most recognized streets in the world due to the New York Stock Exchange, is now a mixed use location of office space, residential apartments and hotels. Numerous office buildings have been converted to residential use while office space has declined.

New York, United States – February 22, 2017 /PressCable/ —

Renting office space on prestigious Wall is getting scarce. Wall Street, an eight-block-long street in New York City that is considered to be the financial capital of world, is now home to an equal number of luxury apartment and office buildings. Even though the New York Stock Exchange is still located at 11 Wall Street, almost half of the buildings that were previously occupied by brokers and bankers have been converted to residential use. Nowhere is this more evident than the one million square foot Bank of New York Building at One Wall Street where current renovations will produce 524 apartments.

In spite of these changes many businesses still choose office space rentals for their headquarters on Wall Street because it provides instant credibility. Conde Nast Traveler Magazine concluded that Wall Street is one of the top ten most famous streets in the world. While many of these businesses are part of the financial services industry, there is now a more diverse mixture of Tenants. They include TAMI (technology, advertising, media and internet) companies, insurance, real estate, architecture, engineering and non-profits.

In 2017 commercial office rentals per square foot on Wall Street ranged from $48.00 – $65.00. This represents a market peak and is the result of the scarcity of vacant office space created by building conversions and strong demand. Vacant space on Wall Street is usually offered for rent in a pre-built move-in ready condition. If the office space is old or already demolished, the Landlord’s will custom build an office using the Tenant’s design plan. All of the commercial buildings on Wall Street have been renovated and include modern safety and mechanical systems as well as multiple connections to telecommunications fiber providers.

A large number of Wall Street buildings were erected as bank headquarters. From 1900 to 1935 the Bank of New York at One Wall Street, Bankers Trust Building at 14 Wall Street and Bank of Manhattan Trust Building at 40 Wall Street were constructed. The latter is a New York City landmark and now known as The Trump Building, an elite corporate address. Beginning in the 1960s more modern buildings were assembled including the Deutsch Bank Building at 60 Wall Street and the Barclay Bank at 75 Wall Street which now contains apartments and a hotel.

For more information and available office space for rent on Wall Street visit http://www.rentnyoffice.com/nyc-office-on-wall-str…

Even though about half of the buildings on Wall Street are being used for residential purposes, businesses from many different industries continue to lease office space on the block. A headquarters on Wall Street provides a company with credibility that is recognized throughout the world. Regardless of when they were initially constructed all of the office buildings on Wall Street have been renovated and modernized.

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Contact Info:
Name: Mitch Waldman
Organization: Cogent Realty Advisors, Inc.
Address: 1 Pennsylvania Plaza, New York, NY 10119, United States
Phone: +1-212-509-4049

For more information, please visit http://www.rentnyoffice.com/

Source: PressCable

Release ID: 172281