The typical asking rate per listing is in the $80's per square foot per year. The Midtown Manhattan region is going through a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 1% decrease in rent.
Compared to the rest of the New York City market, the Midtown Manhattan region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 21803 listings have been made available, so you'll want to check back regularly for new listings. About 5% of the available leases in the Midtown Manhattan 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 3,300 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are approximately 12 stories. Most buildings in this region were built in 1920 and are Class A.
Manufacturing is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Midtown Manhattan residents. 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 Midtown Manhattan.
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