On average, listings lease in the $70's per square foot per year. The Union Square submarket is seeing a a boost in rates. In the last 3 months, the median rate rose $3 per sqft per year. That's a 4% increase in rent.
Compared to the rest of the New York City market, the Union Square region has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 70 listings have been listed, so you'll want to check back regularly for new listings. About 13% of the available space in the Union Square 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,500 sqft. Most buildings in this market are around 9 stories. Most buildings in this market were built in 1909 and are Class B.
A large portion of this region 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 occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.