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When Roy White, president of Perspectives Group, needed new office space for his video production service, he gravitated to the Penn Plaza district.
"The transportation is sensational, and the prices are good," says Mr. White of the neighborhood that incompasses Sixth Avenue o 12th Avenue, from 29th Street to 34th Street. Mr. White took space at 6 W. 32nd St. for one-fourth the price he had paid for his former Murray Hill space.
Mr. White was able to find space that was so inexpensive because many small businesses in New York haven't yet discovered the Penn Plaza area. It has the highest vacancy rate among Manhattan's commercial submarkets and one of the lowest average rents.
Reasonably priced alternative
But as office rents rise throughout New York, Penn Plaza is emerging as an increasingly attractive alternative, especially for small firms seeking space at a decent price. Average asking rents for the area are $26.17 per...