Most listings are in the $70's per square foot per year. The Union Square submarket is going through a decline in rates. In the last 3 months, the median rate decreased $12 per sqft per year. That's a 14% decline in rent.
Compared to the rest of the New York City market, the Union Square region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 11 listings have been posted online, which means office spaces most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. 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 2,400 sqft. Most buildings in this market are around 11 stories. Most buildings in this market were built in 1908 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Company management is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst Union Square folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.