On average, listings lease in the $80's per square foot per year. The Union Square region is experiencing a a boost in rates. In the last 3 months, the median rate went up $15 per sqft per year. That's a 20% rise in rent.
Compared to the rest of the New York City market, the Union Square region has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 76 listings have come on the market, so you'll want to check back regularly for new listings. About 51% of the available leases in the Union Square 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 2,500 sqft. Most properties in this region are around 9 stories. Most buildings in this market were built in 1908 and are Class B.
A large portion of this region is residential, but there's plenty of office_space. Company management is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst Union Square folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.