The typical asking rate per listing is in the $30's per square foot per year. The Borough Park region is experiencing a decline in rates. In the last 3 months, the median rate decreased $62 per sqft per year. That's a 65% decrease in rent.
Compared to the rest of the New York City market, the Borough Park submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 8 listings have been listed, which means spaces are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region are close to 3 floors. Most buildings in this region were built in 1931.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Borough Park residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.