The typical asking rate per listing is in the $70's per square foot per year. The Koreatown submarket is experiencing a a rise in rates. In the last 3 months, the median rate rose $15 per sqft per year. That's a 23% rise in rent.
Compared to the rest of the New York City market, the Koreatown region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 91 listings have been listed, so you'll want to check back regularly for new listings. About 37% of the available leases in the Koreatown are subleases, so you might be able to snag a great spot on a short term. 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 1,150 sqft. Most properties in this area are approximately 12 floors. Most buildings in this area were built in 1912 and are Class A.
Manufacturing is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Koreatown residents. Commuting around 10 minutes a day is the norm for those who opt to reside in this part of town.