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The typical asking rate per commerial real estate listing leases is in the $90's per square foot per year. The Midtown Manhattan region is experiencing a a boost in rates. In the last 3 months, the median rate for lease increased $9 per sqft per year. That's a 11% increase in rent.
Compared to the rest of the New York City commercial real estate market, the Midtown Manhattan submarket has higher rates for rent, and you may have to negotiate above asking rent to be in this hot region.
In the last 90 days, 21803 commercial real estate listings have been listed, so you'll want to check back regularly for new listings. About 1% of the available commercial real estate space in the Midtown Manhattan are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard size for office space in this area is around 500 sqft. Most buildings in this market are approximately 12 stories. Most buildings in this region were built around 1920 and are Class .
Manufacturing is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Midtown Manhattan folk. Commuting around an hour and a half a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Midtown Manhattan.
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