office space Port Authority

Your Port Authority office space guide by Search Office Space

Port Authority Office Space

Over 47 million tourists hailing from all corners of the globe flocked to the Big Apple in 2008, pouring a staggering 30 billion dollars into the local economy, and one of the myriad of transportation modes under the jurisdiction of the Port Authority ensured their safe arrival.

The Port Authority is responsible for the management and maintenance of the vast majority of area transportation infrastructure, including Hudson River crossings such as the Holland Tunnel, Lincoln Tunnel and the George Washington Bridge, as well as the Port Authority Bus Terminal and the Port Authority Trans-Hudson (PATH), a rapid transit railroad linking Manhattan with the New Jersey locales of Jersey City, Hoboken, Harrison, and Newark. The New York and New Jersey Port Authority also manages several airports, including: LaGuardia, JFK, Newark Liberty International Airport, Teteboro Airport and Stewart International Airport. In addition to serving tourists, the Port authority provides safe, convenient transportation to millions of people in the bistate area.

With offices located at 625 8th Avenue in midtown, the 1,500 square mile Port Authority District lies within a 25 mile radius of New York Harbor and the famous Statue of Liberty, making it a convenient starting point for visitors interested in New York site-seeing. New York City has long maintained its reputation as a major player in global economics, cultural aesthetics, fashion and a plethora of remarkable contributions arising from its unique cultural diversity. Other famous landmarks such as Times Square, The Empire State Building, Grand Central Station, Rockefeller Center and Central Park are quickly and easily reached from the Port Authority area.

New York Port Authority's prominent role as the center of Global Commerce makes the cost of renting area office space quite expensive. The price range is $45-$150 per sq. ft. A recent initiative seeks to mitigate the situation, though. The Coalition of Office Space Providers has partnered with the City's Economic Development Corporation to assist the City's Finance Service Sector. Participating providers offer everything from shared office space to executive suites in strategic Manhattan buildings - at up to 40 percent below market value.

In addition, new office space is constantly becoming available. The Port Authority, which owns ground zero, the 16-acre site of the former World Trade Center, has commenced construction on its $3.1 billion Freedom Tower. The skyscraper will include 2.6 million square feet of office space, and is expected to open in the 4th quarter of July 2013. Development of the rest of the site has not yet begun, but Port Authority officials have revealed plans for 5 major skyscrapers, which will house 500,000 square feet of Class A office space. Boston Properties, a real estate trust, develops and/or redevelops, acquires and operates a diverse range of office properties containing 49.8 million square feet, several in the Port Authority area.

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