The typical asking rate per listing is in the $100's per square foot per year. The Midtown East submarket is seeing a an increase in rates. In the last 3 months, the median rate increased $5 per sqft per year. That's a 6% increase in rent.
Compared to the rest of the New York City market, the Midtown East submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 673 listings have come on the market, so you'll want to check back regularly for new listings. About 79% of the available leases in the Midtown East are subleases, so you might be able to snag a great spot on a short term. 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 3,410 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are around 18 floors. Most buildings in this area were built in 1930 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 Midtown East residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.