Most listings are in the $60's per square foot per year. The Hell's Kitchen region is experiencing a a rise in rates. In the last 3 months, the median rate rose $7 per sqft per year. That's a 11% rise in rent.
Compared to the rest of the New York City market, the Hell's Kitchen submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 40 listings have been made available, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 18% of the listings in the Hell's Kitchen 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 3,110 sqft, there are still 0 listings below 2,000 sqft. Most properties in this area 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 folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.