The typical asking rate per listing is in the $100's per square foot per year. The Upper Manhattan region is seeing a decrease in rates. In the last 3 months, the median rate fell $18 per sqft per year. That's a 15% decline in rent.
Compared to the rest of the New York City market, the Upper Manhattan region has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 140 listings have been posted online, so you'll want to check back regularly for new listings. About 37% of the available space in the Upper Manhattan 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.
The standard measurement for office space in this area is around 2,340 sqft. Most properties in this market are around 5 floors. 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. Construction is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Upper Manhattan occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.