Most listings are in the $20's per square foot per year. The Morrisania submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 18% decline in rent.
Compared to the rest of the New York City market, the Morrisania submarket has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 28 listings have been listed, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 11% of the office spaces in the Morrisania are subleases, so you might be able to snag a great spot on a short term. 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 15,000 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are around 2 floors. Most buildings in this area were built in 2015 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this region. Most of the occupants of Morrisania work from home. Commuting close to 20 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 Morrisania.
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