Most listings are in the $90's per square foot per year. The Murray Hill submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $8 per sqft per year. That's a 8% decrease in rent.
Compared to the rest of the New York City market, the Murray Hill region has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 70 listings have been made available, so you'll want to check back regularly for new listings. About 6% of the available space in the Murray Hill are subleases, so you will probably have to focus your search on direct office leases. 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 4,110 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are approximately 6 stories. Most buildings in this market were built in 1920 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Murray Hill occupants. Commuting around an hour a day is the norm for those who opt to reside in this part of town.