The neighborhood’s name stands for ‘Triangle Below Canal Street’ and is widely regarded as the area that began a trend in similar naming conventions for neighborhoods to make them more appealing to companies and residents. The area is also home to one of the most popular arts events in Manhattan, the Tribeca Film Festival.
With slightly more than 5 million square feet of office space available in its inventory, Tribeca is also a highly sought after office market, and one of the area’s most high-profile locations.
A collection of high end amenities and dining spots make the neighborhood popular with office workers, while its architecture and cobblestone streets provide an attractive work area. Properties in the Midtown South neighborhood generally have an industrial past, with a loft-style feel to the more recently renovated ones. An exception to the common office space pedigree in Tribeca is Citigroup’s 2.7 million square foot tower on Greenwich Street.
Average vacancy is at some of the lowest averages in Manhattan, tracking in the low-4 percent range. Landlords generally place asking rents for Class A office space at about $76 per square foot, while the overall average rent in Tribeca across asset classes rests just below $70.
With convenient access to the 1,2,3 subway to the east and Hudson River Park to the West, TriBeCa has a lot of things going in its favor to make it top-notch destination for hip technology and media companies seeking hip, industrial office space for lease.
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