The typical asking rate per listing is in the $70's per square foot per year. The Kips Bay region is going through a a boost in rates. In the last 3 months, the median rate increased $4 per sqft per year. That's a 6% rise in rent.
Compared to the rest of the New York City market, the Kips Bay region has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 42 listings have been posted online, so you'll want to check back regularly for new listings. About 12% of the listings in the Kips Bay 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.
The standard measurement for office space in this area is around 2,200 sqft. Most properties in this region are approximately 9 floors. Most buildings in this market were built in 1920 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Kips Bay residents. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.