On average, listings lease in the $80's per square foot per year. The Murray Hill region is experiencing a an increase in rates. In the last 3 months, the median rate increased $16 per sqft per year. That's a 23% rise in rent.
Compared to the rest of the New York City market, the Murray Hill submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 508 listings have been made available, so you'll want to check back regularly for new listings. About 14% of the listings in the Murray Hill are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 2,680 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are close to 6 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 market. Commute by car is the most popular way to get to work amongst Murray Hill folk. 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 Murray Hill.
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