The typical asking rate per listing is in the $60's per square foot per year. The Koreatown region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $7 per sqft per year. That's a 9% decrease in rent.
Compared to the rest of the New York City market, the Koreatown submarket has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 35 listings have been made available, which means listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 6% of the listings in the Koreatown are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 1,200 sqft. Most properties in this region are around 12 floors. Most buildings in this area were built in 1912 and are Class A.
Manufacturing is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Koreatown occupants. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.