The typical asking rate per listing is in the $40's per square foot per year. The Washington Heights region is going through a decrease in rates. In the last 3 months, the median rate decreased $43 per sqft per year. That's a 48% decline in rent.
Compared to the rest of the New York City market, the Washington Heights region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 6 listings have come on the market, which means new listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 10,000 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are around 5 stories. Most buildings in this region were built in 1922 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Washington Heights folk. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.