The typical asking rate per listing is in the $100's per square foot per year. The Kips Bay region is experiencing a decline in rates. In the last 3 months, the median rate decreased $84 per sqft per year. That's a 44% decrease in rent.
Compared to the rest of the New York City market, the Kips Bay submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 479 listings have been made available, so you'll want to check back regularly for new listings. About 5% of the available leases in the Kips Bay are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,220 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are approximately 8 floors. Most buildings in this area were built in 1920 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Kips Bay residents. Commuting around an hour and a half a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Kips Bay.
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