Most listings are in the $60's per square foot per year. The Hell's Kitchen submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $12 per sqft per year. That's a 16% decrease in rent.
Compared to the rest of the New York City market, the Hell's Kitchen region has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 36 listings have been made available, which means spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 14% of the listings in the Hell's Kitchen 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.
Even though the median size is 3,330 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are approximately 6 floors. Most buildings in this region were built in 1928 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Real estate is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Hell's Kitchen residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.