As the transportation node ensuring mobility to all residents and workers in the area, Grand Central is one of the most highly sought after locations in the Midtown subsection of Manhattan. Its presence in the area effectively shifted office demand from Lower Manhattan to Midtown, providing a balance tip still visible to this day. Consisting of over 43 million square feet of office space, Grand Central is one of the largest office submarkets in Midtown and Manhattan as a whole.
Of the 171 office buildings that make up this submarket, 72 of them are Class A. There is a great selection of small offices (1,500-5,000 sq. ft.) for rent and landlords are offering up space for quality pre-built offices at some of the most competitive rental rates in Midtown. Grand Central and its surroundings are home to some of the most iconic Manhattan office buildings, including the Chrysler Building, once the tallest building in the world. These buildings are home to equally renowned tenants, including Wells Fargo and Aetna at 100 Park Avenue, Capital One at 90 Park Avenue, and Oracle, Morgan Stanley Smith and Federal Home Loan Bank at 101 Park Avenue.
Although priced in the high $70s per-square-foot, office space in the neighborhood benefits from strong positioning, proximity to transit and entertainment, and high-end amenities. Grand Central also has a wide variety of properties, and its development pipeline is one of the more active in Manhattan. That availability and diversified inventory shines through when looking a lower-rated assets.
Cost effective office rentals in top notch Class B buildings are on the market near Grand Central Station. With the look and feel of Class A office space, companies can lease offices in these properties at surprisingly affordable rates. Startups and established businesses alike are drawn to the dozens of desirable Class B buildings located in this premier Manhattan neighborhood. Examples of some great such assets are The Chanin Building, 315 Madison Avenue and 501 Fifth Avenue.
Grand Central Terminal is one of the premier transportation hubs in the region. It serves Metro North trains as well as the East Side 4, 5, and 6 local and express subway lines. The 7 subway line and shuttle along 42nd Street are also accessible from the terminal. In addition, most Grand Central District buildings are within easy walking distance of the Sixth Avenue subway lines (B, D, F, V).
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