The typical asking rate per listing is in the $70's per square foot per year. The Downtown Manhattan region is experiencing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 4% decrease in rent.
Compared to the rest of the New York City market, the Downtown Manhattan submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 437 listings have been listed, so you'll want to check back regularly for new listings. About 15% of the office spaces in the Downtown Manhattan 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 4,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this market are approximately 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 close to an hour and a half a day is the norm for those who opt to reside in this part of town.