On average, listings lease in the $60's per square foot per year. The Garment District region is experiencing a an increase in rates. In the last 3 months, the median rate went up $4 per sqft per year. That's a 7% increase in rent.
Compared to the rest of the New York City market, the Garment District region has less expensive rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 482 listings have come on the market, so you'll want to check back regularly for new listings. About 68% of the available leases in the Garment District are subleases, so you might be able to snag a great spot on a short term. 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 2,050 sqft. Most buildings in this region 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 market. 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.