On average, listings lease in the $70's per square foot per year. The Hell's Kitchen region is seeing a a boost in rates. In the last 3 months, the median rate went up $8 per sqft per year. That's a 11% rise in rent.
Compared to the rest of the New York City market, the Hell's Kitchen region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 40 listings have come on the market, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 18% of the office spaces in the Hell's Kitchen 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 5,000 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this region are approximately 5 floors. Most buildings in this region were built in 1928 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Real estate is the dominant industry in this region. Commute by taxi is the most popular way to get to work amongst Hell's Kitchen residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.