The typical asking rate per listing is in the $100's per square foot per year. The Kips Bay submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $84 per sqft per year. That's a 44% decrease in rent.
Compared to the rest of the New York City market, the Kips Bay submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 479 listings have been listed, so you'll want to check back regularly for new listings. About 4% of the available leases in the Kips Bay 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.
Even though the median size is 3,510 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are approximately 8 floors. 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. Manufacturing is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Kips Bay residents. Commuting around 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 Kips Bay.
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