The typical asking rate per listing is in the $60's per square foot per year. The Downtown Manhattan submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the New York City market, the Downtown Manhattan submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 784 listings have been listed, so you'll want to check back regularly for new listings. About 9% of the available leases in the Downtown Manhattan 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 posted, so finding a space for a small business might be tough.
Even though the median size is 3,450 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are around 6 floors. Most buildings in this area were built in 1913 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Real estate is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Downtown Manhattan residents. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.