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, 33 listings have been made available, which means spaces are probably going fast. You'll want to be prepared to make an offer immediately. About 15% of the listings in the Union Square are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 3,300 sqft, there are still 0 listings below 2,000 sqft. Most properties in this area are approximately 10 floors. Most buildings in this area were built in 1908 and are Class B.
A large portion of this area 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 residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.