On average, listings lease in the $110's per square foot per year. The Upper East Side region is experiencing a decrease in rates. In the last 3 months, the median rate fell $15 per sqft per year. That's a 11% decrease in rent.
Compared to the rest of the New York City market, the Upper East Side region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 889 listings have come on the market, so you'll want to check back regularly for new listings. About 4% of the listings in the Upper East Side are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,810 sqft. Most buildings in this area 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. Arts, entertainment, and restaurants are the dominant industries in this region. Most of the residents of Upper East Side work from home. Commuting between 30 and 45 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 Upper East Side.
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