Following more than a decade of redevelopment and rebuilding, the World Trade Center submarket of Downtown Manhattan now features trophy-level office towers, a strong inventory of commercial space and a well established transit hub, all highly attractive to institutional investors and large and small tenants acting in finance, trade and technology.
One World Trade Center, the centerpiece of the rebuilt WTC complex, is the tallest building in the Western Hemisphere, clocking in at 1,792 feet at its tip. The asset offers 3.5 million square feet of commercial space distributed across 94 floors. Nearby, the striking architecture of the Oculus envelops the World Trade Center PATH station, offering a wide variety of transit options to the area.
With its inventory including several trophy-level buildings in a highly attractive Lower Manhattan placement, the World Financial Center’s office offerings come with some serious exposure. Highly-amenitized, modern settings and the strong likelihood of unparallelled views make space here tempting for large organizations in the financial and trade sectors.
The submarket features about 24 million square feet of office stock, accounting for roughly a quarter of Lower Manhattan’s total offering. With some of the newer buildings still in lease-up, and average asking prices for Class A space at approximately $75 per square foot, the area’s average vacancy tracks in the low-13 percent range.
The Transportation Hub is designed to connect the PATH subway system to the New York City Subway system, thereby facilitating transit to the submarket. The N, R, and W trains’ Cortlandt Street–Church Street station facilitates direct access into the transit center. Furthermore, access to the 2, 3, 4, 5, A, C, E, J, N, R, W and Z services is provided via the Dey Street Passageway. The hub’s West Concourse also connects west to the Battery Park City Ferry Terminal.