On average, listings lease in the $60's per square foot per year. The Civic Center submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the New York City market, the Civic Center region has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 21 listings have been posted online, which means leases are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 14% of the available leases in the Civic Center 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 posted, so finding a space for a small business might be tough.
Even though the median size is 4,000 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this area are around 5 floors. Most buildings in this area were built in 1915 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Civic Center residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.