The typical asking rate per listing is in the $90's per square foot per year. The Murray Hill region is seeing a decrease in rates. In the last 3 months, the median rate decreased $8 per sqft per year. That's a 8% decrease in rent.
Compared to the rest of the New York City market, the Murray Hill region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 70 listings have been made available, so you'll want to check back regularly for new listings. About 6% of the available leases in the Murray Hill are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 4,110 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are approximately 6 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. Utilities is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Murray Hill folk. Commuting close to an hour a day is the norm for those who opt to reside in this part of town.