The typical asking rate per listing is in the $60's per square foot per year. The Koreatown submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $29 per sqft per year. That's a 29% decline in rent.
Compared to the rest of the New York City market, the Koreatown submarket has less expensive rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 649 listings have been made available, so you'll want to check back regularly for new listings. About 5% of the listings in the Koreatown 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,460 sqft. Most properties in this market are approximately 12 floors. Most buildings in this area were built in 1912 and are Class A.
Manufacturing is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Koreatown folk. Commuting close to 10 minutes 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 Koreatown.
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