Most listings are in the $70's per square foot per year. The Union Square submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $7 per sqft per year. That's a 8% decrease in rent.
Compared to the rest of the New York City market, the Union Square region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 30 listings have been listed, which means office spaces most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 17% of the office spaces in the Union Square 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.
Even though the median size is 4,500 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market are around 10 stories. Most buildings in this area were built in 1908 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Company management is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Union Square residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.