The typical asking rate per listing is in the $60's per square foot per year. The Garment District submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the New York City market, the Garment District region has lower rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 3548 listings have been listed, so you'll want to check back regularly for new listings. About 7% of the available leases in the Garment District 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,200 sqft. Most properties in this region are close to 14 stories. Most buildings in this region were built in 1924 and are Class B.
Finance and insurance are the dominant industries in this market. Commute by taxi is the most popular way to get to work amongst Garment District occupants. Commuting between 20 and 25 minutes 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 Garment District.
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