On average, listings lease in the $90's per square foot per year. The Union Square submarket is going through a decrease in rates. In the last 3 months, the median rate fell $16 per sqft per year. That's a 15% decrease in rent.
Compared to the rest of the New York City market, the Union Square submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 433 listings have been posted online, so you'll want to check back regularly for new listings. About 6% of the listings in the Union Square are subleases, so you will probably have to focus your search on direct office leases. 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 5,000 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are close to 9 floors. Most buildings in this region were built in 1908 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Company management is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst Union Square folk. Commuting more than 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 Union Square.
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