New York City is generally divided into three primary commercial real estate markets: Midtown, Midtown South, and Downtown. Real estate submarkets represent further divisions of primary markets and outline specific geographic boundaries that describe core real estate areas that are competitive with other submarkets. Each submarket constitutes a generally accepted competitive set of areas representative of similar property types and does not overlap other submarkets. Each is its own contiguous geographic area. New York City is unique in that multiple submarkets within the urban core are subdivided into further submarkets of real estate for leasing, analysis, and other purposes.
Choosing a particular submarket in which to locate your business is just one of many real estate-related decisions you will need to make, and one that BMO’s brokers can assist you with. But before you reach that stage, our guides to each of these submarkets – and overview of the properties that they offer – can help you get up to speed with what can seem initially like an overwhelming task. Although there is no formal or legal definition for each New York City submarket, it’s generally accepted that the following are the major submarkets within Midtown, Midtown South, and Downtown, and those by which most of the properties in BMO’s building database are organized:
Flatiron District & Silicon Alley
World Financial Center
World Trade Center