On average, listings lease in the $70's per square foot per year. The Midtown Manhattan region is experiencing a decrease in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 6% decline in rent.
Compared to the rest of the New York City market, the Midtown Manhattan region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 21803 listings have been listed, so you'll want to check back regularly for new listings. About 6% of the office spaces in the Midtown Manhattan are subleases, so you will probably have to consider a longer term 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 3,500 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market are around 12 floors. Most buildings in this market were built in 1920 and are Class A.
Manufacturing is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Midtown Manhattan occupants. Commuting approximately 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 Midtown Manhattan.
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