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 decreased $5 per sqft per year. That's a 12% decline 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 region.
In the last 90 days, 33 listings have come on the market, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. 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 1,920 sqft. Most properties in this market are approximately 2 floors. Most buildings in this area were built in 1945 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 folk. Commuting close to an hour a day is the norm for those who opt to reside in this part of town.