On average, listings lease in the $30's per square foot per year. The Long Island City submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $22 per sqft per year. That's a 41% decrease in rent.
Compared to the rest of the New York City market, the Long Island City submarket has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 40 listings have come on the market, which means new listings most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 5% of the available leases 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 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 2,500 sqft. Most properties in this area are around 2 floors. Most buildings in this region 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.