The typical asking rate per listing is in the $50's per square foot per year. The Garment District submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decline in rent.
Compared to the rest of the New York City market, the Garment District region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 365 listings have come on the market, so you'll want to check back regularly for new listings. About 13% of the available space in the Garment District 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,500 sqft. Most properties in this market are around 14 stories. Most buildings in this market were built in 1924 and are Class B.
Finance and insurance are the dominant industries in this region. Commute by taxi is the most popular way to get to work amongst Garment District folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.