The typical asking rate per listing is in the $80's per square foot per year. The Midtown East submarket is seeing a a boost in rates. In the last 3 months, the median rate went up $4 per sqft per year. That's a 5% rise in rent.
Compared to the rest of the New York City market, the Midtown East submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 673 listings have been made available, so you'll want to check back regularly for new listings. About 14% of the available space in the Midtown East 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 available, so finding a space for a small business might be tough.
Even though the median size is 4,480 sqft, there are still 0 listings below 2,000 sqft. Most properties in this area are around 18 stories. Most buildings in this region were built in 1930 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 Midtown East occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.