On average, listings lease in the $40's per square foot per year. The Long Island City region is seeing a decline in rates. In the last 3 months, the median rate fell $10 per sqft per year. That's a 18% decrease in rent.
Compared to the rest of the New York City market, the Long Island City submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 43 listings have been listed, so you'll want to check back regularly for new listings. About 5% of the listings in the Long Island City are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 office spaces below 2,000 sqft. Most buildings in this area are close to 2 floors. Most buildings in this market were built in 1931 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this area. Commute by motorcycle is the most popular way to get to work amongst Long Island City folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.