Most listings are in the $60's per square foot per year. The Koreatown region is seeing a decline in rates. In the last 3 months, the median rate decreased $11 per sqft per year. That's a 14% decrease in rent.
Compared to the rest of the New York City market, the Koreatown submarket has smaller rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 48 listings have been posted online, so you'll want to check back regularly for new listings. About 15% 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 1,570 sqft. Most buildings in this region are close to 12 stories. Most buildings in this area were built in 1912 and are Class A.
Manufacturing is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Koreatown residents. Commuting approximately 10 minutes a day is the norm for those who opt to reside in this part of town.