On average, listings lease in the $80's per square foot per year. The Union Square region is experiencing a a rise in rates. In the last 3 months, the median rate went up $15 per sqft per year. That's a 20% rise in rent.
Compared to the rest of the New York City market, the Union Square submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 76 listings have been posted online, so you'll want to check back regularly for new listings. About 41% of the available leases 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,500 sqft. Most properties in this area are approximately 9 stories. Most buildings in this market 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 region. Commute by bike is the most popular way to get to work amongst Union Square occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.