Uber is planning to increase its office space at 3 World Trade Center, a building owned by Silverstein Properties in Manhattan’s Financial District. According to the Commercial Observer, Uber may add 86,000 square feet through a sublease agreement. This potential expansion was mentioned in CBRE’s monthly office report, but the deal has not been finalized.
If completed, Uber would occupy 438,000 square feet at the tower. The building has about 2.5 million square feet of rentable space, so Uber would take up nearly one-fifth of it.
Uber previously expanded its presence at 3 World Trade Center last year by leasing an additional 44,000 square feet after initially moving into the building in 2019 with 300,000 square feet. During the pandemic, Uber offered about 80,000 square feet for sublease as it adjusted its office needs.
CBRE reported that last month’s average asking rent for office space in Lower Manhattan was $59.26 per square foot. Specific details regarding Uber’s new expansion—such as who is subleasing the space to Uber, how long the lease will last, and what the agreed rent is—have not been disclosed.
Silverstein Properties and Uber did not respond to requests for comment from the Commercial Observer.
The property stands at 80 stories and is currently the second-tallest on the World Trade Center campus. Its lower five floors are dedicated to retail businesses. Other notable office tenants include StubHub, Asana, and McKinsey & Company.
Recent data shows that activity in Manhattan’s office market slowed last month: total deals dropped by nearly 40 percent compared to January and almost 30 percent compared to a year earlier. Only 2.2 million square feet were leased during this period (https://www.colliers.com/en/research/new-york/nyc-office-market-report). Despite fewer deals being made, average rents have increased for nine consecutive months and reached $77.22 per square foot (https://www.colliers.com/en/research/new-york/nyc-office-market-report). The availability rate rose slightly to 13.6 percent while sublet space grew by another 510,000 square feet; however, overall supply has decreased significantly since February 2024.
