On average, listings lease in the $30's per square foot per year. The Sheepshead Bay submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $8 per sqft per year. That's a 17% decrease in rent.
Compared to the rest of the New York City market, the Sheepshead Bay submarket has smaller rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 33 listings have been made available, which means listings are probably going fast. You'll want to be prepared to make an offer immediately. About 24% of the office spaces in the Sheepshead Bay are subleases, so you might be able to find a shorter term or below market rent. 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 2,700 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this market are around 2 floors. Most buildings in this area were built in 1950 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Wholesale trade is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Sheepshead Bay occupants. Commuting around an hour a day is the norm for those who opt to reside in this part of town.