On average, listings lease in the $120's per square foot per year. The Upper Manhattan submarket is seeing a a boost in rates. In the last 3 months, the median rate increased $127 per sqft per year.
Compared to the rest of the New York City market, the Upper Manhattan region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 140 listings have been listed, so you'll want to check back regularly for new listings. About 81% of the available space in the Upper Manhattan 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,200 sqft. Most properties in this area are close to 5 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. Construction is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Upper Manhattan residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.