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office space whitehall

Your Whitehall office space guide by Search Office Space

 

Whitehall Office Space

 

The Whitehall section of Lower Manhattan is rapidly becoming one of the most prominent areas of the city, after years of benign neglect. Composed of a four block section of Lower Manhattan, Whitehall ranges from the southern end of Broadway to the southernmost tip of the island. Whitehall is very near FDR Drive, while the Staten Island Ferry and the Broadway subway stop provide the primary modes of transportation. In early 2005, New York City completed work on the magnificent Whitehall Ferry Terminal that serves 65,000 travelers a day.

 

Whitehall is also a historically and culturally significant area. Peter Stuyvesant, the last Director-General of the colony, named the street after the London area that housed the seat of English government. Not only did he name the street, but he also commissioned his governor's residence at the extreme tip of Manhattan Island. In addition to the famous mansion that has since been destroyed, there was also a military induction center that inducted over three million Americans into the Army before being vacated in the early 1970s. This rich history has served this small, but eclectic, part of the city well.

 

The Whitehall section of Manhattan features plenty of office space ready to meet a diverse array of needs. The locations and buildings range from perfunctory to lavish. Unlike Midtown, there are more than enough vacancies in this area, and the prices are more reasonable. As of the fourth quarter of 2008, there was a 7.2% vacancy rate for all commercial properties, while Class A properties, which are above average in terms of location and construction, had a vacancy rate of 5.9%. The average rent was $50.28 per square foot, while Class A properties charge a slightly higher rate of $56.50 per square foot. In addition, the city is providing incentives to companies that are looking for office space in Whitehall and surrounding areas.

 

Although NASDAQ had their corporate headquarters in Whitehall for only a short time, many other businesses are acquiring office space here at a rapidly growing rate. The Topps Company owns a building in Whitehall, and the Metropolitan Transportation Authority is currently renovating a building that will serve as their headquarters. In addition, Lower Manhattan will continue its renaissance once the WTC memorial museum is completed. With easy access to transportation, a location in a scenic area of the city, and a dynamic and promising future, purchasing office space in the Whitehall area of Lower Manhattan is one of the smartest bets anyone could make.

 

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