On average, listings lease in the $70's per square foot per year. The Kips Bay region is seeing a a boost in rates. In the last 3 months, the median rate increased $3 per sqft per year. That's a 4% rise in rent.
Compared to the rest of the New York City market, the Kips Bay region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 43 listings have been made available, so you'll want to check back regularly for new listings. About 16% of the listings in the Kips Bay 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.
The standard measurement for office space in this area is around 2,010 sqft. Most buildings in this market are close to 8 stories. Most buildings in this region 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 region. 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.