Most listings are in the $70's per square foot per year. The Murray Hill submarket is seeing a a rise in rates. In the last 3 months, the median rate went up $12 per sqft per year. That's a 18% rise in rent.
Compared to the rest of the New York City market, the Murray Hill region has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 35 listings have been listed, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. About 6% of the available leases in the Murray Hill 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,050 sqft. Most properties in this region are close to 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 region. Commute by car is the most popular way to get to work amongst Murray Hill occupants. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.