The typical asking rate per listing is in the $40's per square foot per year. The Long Island City submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 8% decline in rent.
Compared to the rest of the New York City market, the Long Island City region has less expensive rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 624 listings have been listed, so you'll want to check back regularly for new listings. About 10% of the available space in the Long Island City 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 7,540 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are close to 2 stories. Most buildings in this market were built in 1931 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this market. Commute by motorcycle is the most popular way to get to work amongst Long Island City residents. Commuting more than 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 Long Island City.
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