The typical asking rate per listing is in the $110's per square foot per year. The Kips Bay region is experiencing a decline in rates. In the last 3 months, the median rate decreased $14 per sqft per year. That's a 11% decrease in rent.
Compared to the rest of the New York City market, the Kips Bay region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 43 listings have been made available, so you'll want to check back regularly for new listings. About 40% of the office spaces in the Kips Bay 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.
The standard measurement for office space in this area is around 2,100 sqft. Most properties in this region are approximately 8 stories. Most buildings in this region 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 folk. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.