On average, listings lease in the $130's per square foot per year. The Kips Bay region is seeing a an increase in rates. In the last 3 months, the median rate rose $6 per sqft per year. That's a 5% increase in rent.
Compared to the rest of the New York City market, the Kips Bay region has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 43 listings have come on the market, so you'll want to check back regularly for new listings. About 51% of the available leases in the Kips Bay 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.
The standard measurement for office space in this area is around 2,010 sqft. Most buildings in this region are approximately 8 floors. 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. Manufacturing is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Kips Bay residents. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.