Most listings are 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 fell $2 per sqft per year. That's a 3% decline in rent.
Compared to the rest of the New York City market, the Garment District submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 414 listings have been posted online, so you'll want to check back regularly for new listings. About 11% of the listings in the Garment District are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 2,260 sqft. Most buildings in this area are around 14 floors. Most buildings in this market were built in 1924 and are Class B.
Finance and insurance are the dominant industries in this area. Commute by taxi is the most popular way to get to work amongst Garment District residents. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.