On average, listings lease in the $50's per square foot per year. The Garment District submarket is going through a decrease in rates. In the last 3 months, the median rate fell $7 per sqft per year. That's a 10% decrease in rent.
Compared to the rest of the New York City market, the Garment District region has smaller rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 230 listings have been listed, so you'll want to check back regularly for new listings. About 12% of the available leases in the Garment District 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 available, so finding a space for a small business might be tough.
Even though the median size is 2,800 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are close to 14 stories. Most buildings in this area were built in 1924 and are Class A.
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.