Most listings are in the $70's per square foot per year. The Hell's Kitchen submarket is experiencing a a rise in rates. In the last 3 months, the median rate rose $1 per sqft per year. That's a 1% rise in rent.
Compared to the rest of the New York City market, the Hell's Kitchen submarket has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 40 listings have come on the market, which means listings most likley are going fast. You'll want to be prepared to make an offer immediately. About 73% of the listings 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 on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,300 sqft. Most properties in this region are approximately 6 stories. 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.