The typical asking rate per listing is in the $110's per square foot per year. The Upper Manhattan region is seeing a decline in rates. In the last 3 months, the median rate fell $15 per sqft per year. That's a 11% decline in rent.
Compared to the rest of the New York City market, the Upper Manhattan submarket has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 140 listings have been made available, so you'll want to check back regularly for new listings. About 46% of the available leases in the Upper Manhattan 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 2,000 sqft. Most buildings in this region are around 5 floors. Most buildings in this area 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 market. Commute by walking is the most popular way to get to work amongst Upper Manhattan residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.