Most listings are in the $70's per square foot per year. The East Harlem submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $73 per sqft per year. That's a 50% decrease in rent.
Compared to the rest of the New York City market, the East Harlem region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 318 listings have come on the market, so you'll want to check back regularly for new listings. About 2% of the listings in the East Harlem 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 posted, 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 5 stories. Most buildings in this region were built in 1920 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst East Harlem occupants. Commuting around an hour 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 East Harlem.
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