The typical asking rate per listing is in the $90's per square foot per year. The Upper West Side region is experiencing a decrease in rates. In the last 3 months, the median rate fell $91 per sqft per year. That's a 50% decline in rent.
Compared to the rest of the New York City market, the Upper West Side region has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 38 listings have been made available, which means new listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 29% of the listings in the Upper West Side 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.
Even though the median size is 53,620 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are approximately 5 floors. Most buildings in this market 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. Information is the dominant industry in this region. Most of the occupants of Upper West Side work from home. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.