The typical asking rate per listing is in the $60's per square foot per year. The Koreatown submarket is seeing a decline in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the New York City market, the Koreatown region has less expensive rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 69 listings have come on the market, so you'll want to check back regularly for new listings. About 14% of the available space in the Koreatown are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 2,040 sqft. Most buildings in this area are around 12 stories. Most buildings in this market were built in 1912 and are Class A.
Manufacturing is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Koreatown folk. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.