On average, listings lease in the $80's per square foot per year. The Gramercy Park submarket is experiencing a a rise in rates. In the last 3 months, the median rate rose $86 per sqft per year.
Compared to the rest of the New York City market, the Gramercy Park region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 22 listings have been posted online, which means new listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 105% of the available space in the Gramercy Park 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 posted, so finding a space for a small business might be tough.
Even though the median size is 3,130 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are close to 10 stories. Most buildings in this region 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 region. Most of the occupants 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.