On average, listings lease in the $120's per square foot per year. The Upper Manhattan region is seeing a an increase in rates. In the last 3 months, the median rate increased $17 per sqft per year. That's a 15% rise in rent.
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 come on the market, so you'll want to check back regularly for new listings. About 4% of the listings in the Upper Manhattan are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet on the market, 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 market are approximately 5 stories. Most buildings in this region 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 region. Commute by walking is the most popular way to get to work amongst Upper Manhattan folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.