On average, listings lease in the $10's per square foot per year. The Prospect Park region is seeing a decline in rates. In the last 3 months, the median rate decreased $6 per sqft per year. That's a 30% decline in rent.
In the last 90 days, 7 listings have come on the market, which means leases might be going fast. You'll want to be prepared to make an offer immediately. About 114% of the available space in the Prospect Park are subleases, so you might be able to find a shorter term or below market rent. 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 2,600 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are around 1 floors. Most buildings in this market were built in 1978 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Prospect Park 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.