On average, listings lease in the $80's per square foot per year. The Midtown East region is going through a a boost in rates. In the last 3 months, the median rate increased $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 more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 273 listings have come on the market, so you'll want to check back regularly for new listings. About 29% of the listings in the Midtown East 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 4,900 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are around 18 stories. Most buildings in this market were built in 1931 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 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.