On average, listings lease in the $80's per square foot per year. The Hell's Kitchen region is going through a an increase in rates. In the last 3 months, the median rate increased $8 per sqft per year. That's a 10% increase in rent.
Compared to the rest of the New York City market, the Hell's Kitchen submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 19 listings have come on the market, which means listings most likley are going fast. You'll want to be prepared to make an offer immediately. About 26% of the available space in the Hell's Kitchen 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 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 listings below 2,000 sqft. Most properties in this market are close to 5 floors. Most buildings in this area 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 market. Commute by taxi is the most popular way to get to work amongst Hell's Kitchen occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.