Most listings are in the $60's per square foot per year. The Midtown Manhattan submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the New York City market, the Midtown Manhattan region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 1730 listings have come on the market, so you'll want to check back regularly for new listings. About 15% of the available leases in the Midtown Manhattan 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 2,860 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this region are close to 12 floors. Most buildings in this area were built in 1921 and are Class A.
This area 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 close to an hour and a half a day is the norm for those who opt to reside in this part of town.