Most listings are in the $70's per square foot per year. The Murray Hill submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $11 per sqft per year. That's a 12% decline in rent.
Compared to the rest of the New York City market, the Murray Hill submarket 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 listed, so you'll want to check back regularly for new listings. About 56% of the office spaces in the Murray Hill 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.
The standard measurement for office space in this area is around 2,140 sqft. Most buildings in this market are close to 6 floors. 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 approximately an hour a day is the norm for those who opt to reside in this part of town.