On average, listings lease in the $70's per square foot per year. The Prospect Heights region is experiencing a a rise in rates. In the last 3 months, the median rate increased $13 per sqft per year. That's a 21% increase in rent.
Compared to the rest of the New York City market, the Prospect Heights submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 8 listings have been posted online, which means spaces might be leasing quickly. You'll want to be prepared to make an offer immediately. About 13% of the office spaces in the Prospect Heights 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 12,880 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are approximately 4 floors. Most buildings in this market were built in 1931.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this market. Commute by walking is the most popular way to get to work amongst Prospect Heights occupants. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.