Most listings are in the $120's per square foot per year. The Kips Bay region is experiencing a an increase in rates. In the last 3 months, the median rate rose $43 per sqft per year. That's a 55% increase in rent.
Compared to the rest of the New York City market, the Kips Bay submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 43 listings have come on the market, so you'll want to check back regularly for new listings. About 74% of the office spaces in the Kips Bay 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 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 2,010 sqft. Most properties in this area are approximately 8 floors. Most buildings in this area 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 market. Commute by walking is the most popular way to get to work amongst Kips Bay occupants. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.