On average, listings lease in the $60's per square foot per year. The Hell's Kitchen region is seeing a an increase in rates. In the last 3 months, the median rate increased $7 per sqft per year. That's a 11% increase in rent.
Compared to the rest of the New York City market, the Hell's Kitchen submarket has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 40 listings have been listed, which means new availabilities most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 18% of the available leases in the Hell's Kitchen 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.
Even though the median size is 3,110 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are approximately 6 floors. Most buildings in this region 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 residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.