On average, listings lease in the $60's per square foot per year. The Garment District submarket is going through a an increase in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 2% rise in rent.
Compared to the rest of the New York City market, the Garment District submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 482 listings have been made available, so you'll want to check back regularly for new listings. About 81% of the listings in the Garment District 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.
The standard measurement for office space in this area is around 1,940 sqft. Most buildings in this market are approximately 14 floors. Most buildings in this region were built in 1924 and are Class B.
Finance and insurance are the dominant industries in this region. Commute by taxi is the most popular way to get to work amongst Garment District folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.