The typical asking rate per listing is in the $40's per square foot per year. The Forest Hills submarket is seeing a decline in rates. In the last 3 months, the median rate fell $17 per sqft per year. That's a 30% decline in rent.
Compared to the rest of the New York City market, the Forest Hills region has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 11 listings have come on the market, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. About 9% of the listings in the Forest Hills are subleases, so you will probably have to focus your search on direct office leases. 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 1,880 sqft. Most buildings in this area are approximately 3 stories. Most buildings in this market were built in 1950 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Information is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Forest Hills 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.