On average, listings lease in the $60's per square foot per year. The Downtown Manhattan region is experiencing a a rise in rates. In the last 3 months, the median rate increased $2 per sqft per year. That's a 4% increase in rent.
Compared to the rest of the New York City market, the Downtown Manhattan submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 7608 listings have come on the market, so you'll want to check back regularly for new listings. About 6% of the available space in the Downtown Manhattan are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 3,600 sqft, there are still 0 listings below 2,000 sqft. Most properties in this region are approximately 6 stories. Most buildings in this area were built in 1913 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Real estate is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Downtown Manhattan occupants. Commuting close to 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 Downtown Manhattan.
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