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office space Murray Hill
Within Manhattan, between east 34th street and east 40th street on the north and between Madison Avenue and the East River, lies the unique neighborhood of Murray Hill.
This tiny area is densely populated and the landscape is dominated by modern high-rises although there are some brownstones and walk up residences. Because of its? central location, most public transportation is easily accessible. The neighborhood is also close to major transportation hubs; JFK airport is less than 10 miles away and it is less than a mile to the Grand Central Terminal. Since the area is largely residential there are not many famous landmarks. However, the Empire State Building does reside on the west border.
The area in named after a Quaker merchant, Robert Murray, who settled in the area in 1762 and, later, would play an important role in the American Revolutionary War. His family is credited with delaying the British Army who was chasing after General George Washington. Washington was able to escape and later defeated the British.
For most of the nineteenth century, this was an upscale residential neighborhood. In the early 1990?s, the area began attracting young professionals and they have become the dominant group. Almost three fourths of the residents have a college degree or higher and eighty six percent are employed in white collar jobs.
The cost of Murray Hill office space is consistent with that of the rest of the city and that means it is expensive. The range is from a low of $26 per square foot to a high of $80.
There is available office space for rent in Murray Hill and the breakdown is as follows: There are 7 units of Class A property with a 1.7% vacancy rate and an average cost of $61.52 per square foot. There are 75 units of Class B property with a 4.1% vacancy rate and an average cost of $51.56 per square foot. There are 69 class C properties available with a 4.7% vacancy rate and an average cost of $42.55 per square foot.
The area is attractive because it can offer the same office space amenities as many of the other areas but at a lower rate. The same property in the Grand Central District, for example, would cost $7 more a square foot.
There are all types of office space available in the district but the price is dependant on which area of Murray Hill that the property is located. The north section offers large glass and steel towers while, in the south, the buildings are smaller, usually B and C level properties.
The executive suites in Murray Hill are located along 5th Avenue, Park Avenue and Madison Avenue but expect to pay the premium rate for them. Many of these come equipped with conference and reception rooms and offer short term leases.
Virtually every type of office space is available in Murray Hill. However, due to low vacancy rates, an extensive search may be required before a suitable space is located.
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