On average, listings lease in the $60's per square foot per year. The Koreatown submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $0 per sqft per year. That's a 0% decline in rent.
Compared to the rest of the New York City market, the Koreatown submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 91 listings have been listed, so you'll want to check back regularly for new listings. About 9% of the available space in the Koreatown 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,850 sqft. Most buildings in this region are around 12 floors. Most buildings in this market were built in 1912 and are Class A.
Manufacturing is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Koreatown folk. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.