On average, listings lease in the $60's per square foot per year. The Koreatown submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the New York City market, the Koreatown region has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 91 listings have been made available, so you'll want to check back regularly for new listings. About 12% of the listings in the Koreatown 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,850 sqft. Most properties in this region are around 12 floors. Most buildings in this area 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 occupants. Commuting around 10 minutes a day is the norm for those who opt to reside in this part of town.