On average, listings lease in the $90's per square foot per year. The Murray Hill region is seeing a a boost in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 3% increase in rent.
Compared to the rest of the New York City market, the Murray Hill submarket has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 16 listings have come on the market, which means new listings most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 13% of the available leases in the Murray Hill are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,050 sqft. Most buildings in this region are around 6 floors. Most buildings in this area 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 area. Commute by car is the most popular way to get to work amongst Murray Hill folk. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.