On average, listings lease in the $80's per square foot per year. The Murray Hill submarket is experiencing a an increase in rates. In the last 3 months, the median rate went up $90 per sqft per year.
Compared to the rest of the New York City market, the Murray Hill region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 70 listings have come on the market, so you'll want to check back regularly for new listings. About 76% of the listings in the Murray Hill 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,970 sqft. Most buildings in this area are approximately 6 floors. Most buildings in this market 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. Utilities is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Murray Hill folk. Commuting close to an hour a day is the norm for those who opt to reside in this part of town.