The typical asking rate per listing is in the $60's per square foot per year. The Downtown Manhattan submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $0 per sqft per year. That's a 1% decline in rent.
Compared to the rest of the New York City market, the Downtown Manhattan submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 651 listings have come on the market, so you'll want to check back regularly for new listings. About 11% of the listings in the Downtown Manhattan are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 3,890 sqft, there are still 0 listings below 2,000 sqft. Most properties in this region are around 6 stories. Most buildings in this region were built in 1912 and are Class A.
A large portion of this market 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 residents. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.