The typical asking rate per listing is in the $60's per square foot per year. The Downtown Manhattan submarket is seeing a decline in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 7% decrease in rent.
Compared to the rest of the New York City market, the Downtown Manhattan submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 313 listings have been listed, so you'll want to check back regularly for new listings. About 10% of the available leases in the Downtown Manhattan are subleases, so you will probably have to focus your search on direct office leases. 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 3,200 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are close to 6 stories. Most buildings in this area were built in 1913 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Real estate is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Downtown Manhattan occupants. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.