The typical asking rate per listing is in the $50's per square foot per year. The DUMBO submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $7 per sqft per year. That's a 12% decrease in rent.
Compared to the rest of the New York City market, the DUMBO submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 491 listings have been made available, so you'll want to check back regularly for new listings. About 4% of the office spaces in the DUMBO 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.
The standard measurement for office space in this area is around 2,500 sqft. Most properties in this market are approximately 11 stories. Most buildings in this market were built in 1925 and are Class C.
A large portion of this area is residential, but there's plenty of office_space. Manufacturing is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst DUMBO residents. 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 DUMBO.
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