On average, listings lease in the $30's per square foot per year. The Bay Ridge region is seeing a decrease in rates. In the last 3 months, the median rate fell $8 per sqft per year. That's a 17% decline in rent.
Compared to the rest of the New York City market, the Bay Ridge submarket has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 5 listings have been posted online, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. 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 14,960 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this area are close to 3 stories. Most buildings in this area were built in 1931 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Bay Ridge residents. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.