On average, listings lease in the $110's per square foot per year. The Upper Manhattan submarket is experiencing a a boost in rates. In the last 3 months, the median rate increased $4 per sqft per year. That's a 4% rise in rent.
Compared to the rest of the New York City market, the Upper Manhattan submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 140 listings have been made available, so you'll want to check back regularly for new listings. About 6% of the office spaces in the Upper Manhattan are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 1,590 sqft. Most buildings in this region are approximately 5 stories. Most buildings in this region were built in 1920 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Upper Manhattan occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.