On average, listings lease in the $80's per square foot per year. The Gramercy Park submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 3% decline in rent.
Compared to the rest of the New York City market, the Gramercy Park region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 13 listings have been posted online, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. About 15% of the office spaces in the Gramercy Park are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,750 sqft. Most properties in this region are around 12 stories. 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 area. 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.