Boutique office buildings are all the rage these days in New York City real estate, and for good reason. These small buildings are easier to build than giant towers because they cost far less to build and can go up on smaller lots, and they’re quite popular with the majority of office tenants. That is, smaller firms that don’t require hundreds of thousands of square feet of space.
Rise in popularity of boutique buildings
Boutique office buildings are generally considered to be buildings that are smaller than 150,000 square feet. They’re typically less than 20 stories tall, and have small floor plates. The majority of boutique office buildings in the city are old; however, the past 5 years has seen a construction boom in boutique office buildings across the city.
These buildings have become extremely popular with tenants for a number of reasons. One of the most appealing aspects of these new, boutique buildings are the amenities. Tenants of these buildings get access to full suites of amenities, often including private outdoor space, exercise facilities, and more.
The new boutique buildings also feature extremely high build quality and are often built by leading architects. All of the perks that are associated with large new office towers can also be found in these new boutique properties.
And all this comes with small floor plates that allow smaller tenants to have full floor offices with direct access. For larger tenants, this can mean taking a whole building instead of just a handful of floors.
Another big draw for these boutique buildings are their locations. Because of their small stature, boutique offices can be found in many of the most desirable neighborhoods of the city, where large skyscrapers can’t be built. Neighborhoods including Dumbo, Williamsburg, Soho, the Lower East Side, The West Village, and others have seen boutique buildings sprout up.
And while the buildings are smaller, that doesn’t mean the rents are. Asking rents for new boutique buildings can be even more expensive than space in new skyscrapers. So if you’re in the market for new office space for your business and want all the perks of a big new skyscraper but a broader selection of neighborhoods, you should consider one of the new boutique office buildings.
Boutique office buildings are an excellent choice for many businesses, and are worth considering. If your business is interested in modern, high-amenity spaces but is not interested in the multi-million square foot towers that have been built in the last decade, a boutique building offers a great opportunity to get all of the amenities.
If you’re interested in exploring your business’s options for relocating to a boutique office building, you should contact one of our tenant representatives today.