On average, listings lease in the $90's per square foot per year. The Borough Park region is experiencing a a boost in rates. In the last 3 months, the median rate went up $55 per sqft per year. That's a 140% rise in rent.
Compared to the rest of the New York City market, the Borough Park submarket has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 3 listings have come on the market, which means spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. 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 16,000 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are approximately 3 floors. Most buildings in this market were built in 1931.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this region. Commute by taxi is the most popular way to get to work amongst Borough Park occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.