On average, listings lease in the $80's per square foot per year. The Midtown East region is seeing a decrease in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decline in rent.
Compared to the rest of the New York City market, the Midtown East region has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 492 listings have come on the market, so you'll want to check back regularly for new listings. About 19% 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 available, so finding a space for a small business might be tough.
Even though the median size is 3,780 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are approximately 17 stories. Most buildings in this area were built in 1930 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 residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.