On average, listings lease in the $80's per square foot per year. The Koreatown region is experiencing a a boost in rates. In the last 3 months, the median rate went up $21 per sqft per year. That's a 33% increase in rent.
Compared to the rest of the New York City market, the Koreatown submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 91 listings have come on the market, so you'll want to check back regularly for new listings. About 42% of the listings in the Koreatown 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 on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,150 sqft. Most buildings in this area are approximately 12 floors. Most buildings in this region were built in 1912 and are Class A.
Manufacturing is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Koreatown residents. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.