“Prebuilt” offices take market by storm

TRD New York /
Nov.November 26, 2012 10:30 AM

With so much of Lower Manhattan’s office space dismantled by Hurricane Sandy, businesses in need of temporary office space fast are shrugging custom built, for “prebuilt” spaces, the Wall Street Journal reported.

Like a furnished apartment, prebuilt offices come with Wifi, phones, printers, desks and even coffee all ready to go. A two-person prebuilt office rents for approximately $1,500 per month, according to the Journal.

Experts told the Journal, that the prebuilt office market has expanded to close to 4 million square feet in the city in recent years.

The rapidly growing niche commercial market fills buildings such as 245 Park Avenue, between 46th and 47th streets, developed by Regus Group and rented by Thrillist Media Agency, a men’s lifestyle online publisher, while their offices at 568 Broadway were without power.

Moreover, 444 Madison Avenue292 Madison Avenue and a new Regus Group development at 747 Third Avenue all feature new prebuilt office space.

“Owners are responding to the demand in the marketplace for smaller space where tenants can come in and don’t have to go through complexity and time and expense of building out their own space. It’s filling a niche in marketplace,” Bill Rudin, president of Rudin Management, which has done over 120,000 square feet of prebuilts in the last few years, said. [WSJ]Christopher Cameron

 

Related Articles

arrow_forward_ios
Regus CEO Mark Dixon with 175 Pearl Street in Brooklyn, 1325 Sixth Avenue and 1501 Broadway (Regus, Google Maps)

Regus throws 6 NYC locations into bankruptcy

Regus throws 6 NYC locations into bankruptcy
Facebook's Mark Zuckerburg with a rendering of the Farley Post Office redevelopment and Google's Sundar Pichai with a rendering of St. John's Terminal (Getty; COOKFOX Architects; VNO)

Making sense of Facebook, Google and the office bubble aftermath

Making sense of Facebook, Google and the office bubble aftermath
Manhattan office real estate market is getting hit by subleasing (iStock)

Spike in Manhattan’s office sublease explained

Spike in Manhattan’s office sublease explained
(iStock)

Regus bankruptcy would put nearly $13B in CMBS loans at risk

Regus bankruptcy would put nearly $13B in CMBS loans at risk
Facebook CEO Mark Zuckerberg and a rendering of the Farley Building (Getty; Vornado)

Facebook exec expresses confidence in office real estate

Facebook exec expresses confidence in office real estate
One Pace Plaza (Courtesy of Newmark Knight Frank)

Pace University pitches Downtown tower as dev site

Pace University pitches Downtown tower as dev site
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)

Condé Nast wants out at 1WTC. Durst may not be OK with that

Condé Nast wants out at 1WTC. Durst may not be OK with that
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...