Most listings are in the $70's per square foot per year. The Union Square submarket is seeing a an increase in rates. In the last 3 months, the median rate increased $3 per sqft per year. That's a 4% increase in rent.
Compared to the rest of the New York City market, the Union Square region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 67 listings have been made available, so you'll want to check back regularly for new listings. About 13% of the available leases in the Union Square 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.
Even though the median size is 3,000 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market are approximately 9 stories. Most buildings in this area were built in 1909 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.