On average, listings lease in the $40's per square foot per year. The Long Island City submarket is seeing a an increase in rates. In the last 3 months, the median rate went up $46 per sqft per year.
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 submarket.
In the last 90 days, 43 listings have come on the market, so you'll want to check back regularly for new listings. About 130% of the available leases in the Long Island City 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 available, so finding a space for a small business might be tough.
Even though the median size is 18,300 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this region are around 2 floors. Most buildings in this region were built in 1931 and are Class B.
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.