On average, listings lease in the $60's per square foot per year. The Midtown Manhattan submarket is seeing a a rise in rates. In the last 3 months, the median rate rose $1 per sqft per year. That's a 2% rise in rent.
Compared to the rest of the New York City market, the Midtown Manhattan submarket has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 2330 listings have been posted online, so you'll want to check back regularly for new listings. About 12% of the office spaces 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 available, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are approximately 12 floors. Most buildings in this market were built in 1921 and are Class A.
This market is fairly equally mixed residential and commercial. Manufacturing is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Midtown Manhattan occupants. Commuting around an hour and a half a day is the norm for those who opt to reside in this part of town.