The typical asking rate per listing is in the $80's per square foot per year. The Midtown East submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $0 per sqft per year. That's a 0% decline in rent.
Compared to the rest of the New York City market, the Midtown East region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 487 listings have been listed, so you'll want to check back regularly for new listings. About 20% of the available leases in the Midtown East 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 3,980 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are close to 17 stories. Most buildings in this region were built in 1930 and are Class A.
Manufacturing is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Midtown East folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.