The typical asking rate per listing is in the $90's per square foot per year. The Midtown East region is seeing a an increase in rates. In the last 3 months, the median rate rose $13 per sqft per year. That's a 15% rise in rent.
Compared to the rest of the New York City market, the Midtown East submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 673 listings have been listed, so you'll want to check back regularly for new listings. About 86% of the office spaces in the Midtown East 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.
Even though the median size is 3,200 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are close to 18 floors. Most buildings in this region were built in 1931 and are Class A.
Manufacturing is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Midtown East folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.