The typical asking rate per listing is in the $60's per square foot per year. The Gramercy Park region is seeing a decrease in rates. In the last 3 months, the median rate fell $22 per sqft per year. That's a 26% decline in rent.
Compared to the rest of the New York City market, the Gramercy Park region has smaller rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 22 listings have been listed, which means listings might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 86% of the available leases in the Gramercy Park 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 4,000 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 10 floors. Most buildings in this market were built in 1912 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this market. Most of the residents of Gramercy Park work from home. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.