The typical asking rate per listing is in the $30's per square foot per year. The Murray Hill submarket is seeing a decline in rates. In the last 3 months, the median rate fell $7 per sqft per year. That's a 16% decrease in rent.
Compared to the rest of the New York City market, the Murray Hill region has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 4 listings have been listed, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. 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 1,500 sqft. Most properties in this area are around 2 floors. Most buildings in this market were built in 1997 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Murray Hill folk. Commuting approximately 10 minutes a day is the norm for those who opt to reside in this part of town.