The typical asking rate per listing is in the $60's per square foot per year. The Downtown Manhattan submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the New York City market, the Downtown Manhattan submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 784 listings have been listed, so you'll want to check back regularly for new listings. About 9% of the office spaces in the Downtown Manhattan are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 3,450 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are around 6 floors. Most buildings in this region were built in 1913 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Real estate is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Downtown Manhattan occupants. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.