On average, listings lease in the $50's per square foot per year. The Downtown Brooklyn submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 7% decrease in rent.
Compared to the rest of the New York City market, the Downtown Brooklyn submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 23 listings have come on the market, which means listings are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 9% of the available leases in the Downtown Brooklyn are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 6,000 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are close to 5 stories. Most buildings in this market were built in 1950 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Health care is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Downtown Brooklyn folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.