On average, listings lease in the $60's per square foot per year. The Midtown Manhattan submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 2% decline in rent.
Compared to the rest of the New York City market, the Midtown Manhattan region has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 1812 listings have been listed, so you'll want to check back regularly for new listings. About 14% of the office spaces in the Midtown Manhattan 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.
Even though the median size is 2,760 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this area are close to 12 floors. Most buildings in this region were built in 1921 and are Class A.
This region is fairly equally mixed residential and commercial. Manufacturing is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Midtown Manhattan occupants. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.