On average, listings lease in the $70's per square foot per year. The Harlem region is seeing a decrease in rates. In the last 3 months, the median rate decreased $28 per sqft per year. That's a 27% decline in rent.
Compared to the rest of the New York City market, the Harlem submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 549 listings have been posted online, so you'll want to check back regularly for new listings. About 1% of the office spaces in the Harlem are subleases, so you will probably have to consider a longer term lease. 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 close to 5 floors. Most buildings in this area 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. Utilities is the dominant industry in this region. Most of the occupants of Harlem 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 Harlem.
Get email notifications when new listings are posted that match your requirements.