On average, listings lease in the $80's per square foot per year. The Upper Manhattan region is going through a decrease in rates. In the last 3 months, the median rate fell $9 per sqft per year. That's a 10% decrease in rent.
Compared to the rest of the New York City market, the Upper Manhattan 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, 76 listings have been listed, so you'll want to check back regularly for new listings. About 7% of the available leases in the Upper Manhattan are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 3,300 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are around 5 stories. Most buildings in this region 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. Construction is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Upper Manhattan folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.