On average, listings lease in the $60's per square foot per year. The Midtown Manhattan region is going through a decline in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 5% decline in rent.
Compared to the rest of the New York City market, the Midtown Manhattan region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 923 listings have been listed, so you'll want to check back regularly for new listings. About 19% of the office spaces in the Midtown 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 3,360 sqft, there are still 0 leases below 2,000 sqft. Most properties in this area are close to 12 floors. Most buildings in this area were built in 1922 and are Class A.
This market is fairly equally mixed residential and commercial. Manufacturing is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Midtown Manhattan folk. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.