On average, listings lease in the $60's per square foot per year. The Koreatown region is going through a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the New York City market, the Koreatown submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 649 listings have come on the market, so you'll want to check back regularly for new listings. About 8% of the office spaces in the Koreatown are subleases, so you will probably have to focus your search on direct office leases. 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 2,300 sqft. Most buildings in this area are around 12 floors. Most buildings in this region were built in 1912 and are Class A.
Manufacturing is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Koreatown folk. Commuting approximately 10 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 Koreatown.
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