On average, listings lease in the $80's per square foot per year. The Gramercy Park region is going through a a boost in rates. In the last 3 months, the median rate went up $7 per sqft per year. That's a 8% increase in rent.
Compared to the rest of the New York City market, the Gramercy Park submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 22 listings have come on the market, which means new listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 50% of the listings in the Gramercy Park 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,200 sqft. Most buildings in this area are approximately 10 floors. Most buildings in this area were built in 1912 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this market. Most of the residents of Gramercy Park work from home. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.