Most listings are in the $70's per square foot per year. The Midtown Manhattan submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 1% decrease in rent.
Compared to the rest of the New York City market, the Midtown Manhattan region has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 1507 listings have come on the market, so you'll want to check back regularly for new listings. About 18% of the available leases in the Midtown Manhattan 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.
Even though the median size is 3,380 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are around 12 floors. Most buildings in this area were built in 1921 and are Class A.
This market is fairly equally mixed residential and commercial. Manufacturing is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Midtown Manhattan folk. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.