The typical asking rate per listing is in the $60's per square foot per year. The Downtown Manhattan region is experiencing a decline in rates. In the last 3 months, the median rate decreased $0 per sqft per year. That's a 1% decrease in rent.
Compared to the rest of the New York City market, the Downtown Manhattan submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 455 listings have been posted online, so you'll want to check back regularly for new listings. About 16% of the office spaces in the Downtown Manhattan are subleases, so you might be able to find a shorter term or below market rent. 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 4,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this area are close to 6 floors. Most buildings in this region were built in 1913 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Real estate is the dominant industry in this region. Commute by public transit is the most popular way to get to work amongst Downtown Manhattan occupants. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.