Most listings are in the $60's per square foot per year. The Hell's Kitchen submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $10 per sqft per year. That's a 13% decline in rent.
Compared to the rest of the New York City market, the Hell's Kitchen submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 452 listings have come on the market, so you'll want to check back regularly for new listings. About 5% of the available leases in the Hell's Kitchen 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 4,050 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are around 5 stories. Most buildings in this market were built in 1928 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Real estate is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Hell's Kitchen folk. Commuting more than 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 Hell's Kitchen.
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