The typical asking rate per listing is in the $60's per square foot per year. The Downtown Manhattan region is experiencing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the New York City market, the Downtown Manhattan region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 784 listings have been made available, so you'll want to check back regularly for new listings. About 70% of the available leases in the Downtown Manhattan are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are approximately 6 stories. Most buildings in this market 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 folk. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.