Hudson Square Now A Hot Spot For Business, Realty
The Hudson Square area of Manhattan's West Side is starting to see a boom in its business and real estate. NY1's Real Estate reporter Jill Urban filed the following report.
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In 2010, NY1 covered how the Hudson Square area of Manhattan's West Side was an emerging destination for major companies looking to relocate. Now, almost two years later, it has certainly evolved and is now a hot spot for commercial rentals.
"We’ve seen tremendous growth in the neighborhood. About 475,000-square-feet have been lease up in 2011, and that doesn’t even include the 270,000-square-feet lease signed by Pearson Publishing," says President Ellen Baer of Hudson Square Connection.
The neighborhood once known as the "printing district" or the area around the Holland tunnel has now become a hub for creative companies in media, advertising, architecture and the like. The vacancy rate for available office space in the district is 2.1 percent, compared to 10 percent citywide.
President Jason Pizer of Trinity Real Estate, a major landowner in the area, says 2011 was a record year.
"In 2011 we had 1,000 space tours. I have been here since '99 and even during the 'Dot-Com' days we never experienced anything like that," says Pizer. "We’ve seen 8 percentage points growth in our occupancy and we’ve seen rents go from mid-30s asking to mid-40s asking."
Aside from the affordable rents, many companies are also drawn to the neighborhood because it is known to have large open floor plans and an easy laid back vibe.
Tom Winner, the media director of the ad firm Wieden + Kennedy, says his office space, with its high ceilings and large windows, is the perfect work environment.
"As you walk around the area, the buildings are 10 stories high for the most part and there’s just more sky. There are less people, there’s more space," says Winner. "You can do things on a sidewalk that you can’t do in Midtown, like chat and walk at a fast pace if you care to. It’s just a much more livable area."
Winner says the open and bright atmosphere just lends itself to creativity and positive thinking.
So it seems this neighborhood that once lacked its own identity has certainly put itself on the map.