On average, listings lease in the $60's per square foot per year. The Civic Center submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $9 per sqft per year. That's a 13% decrease in rent.
Compared to the rest of the New York City market, the Civic Center region has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 17 listings have come on the market, which means new availabilities most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 24% of the available leases in the Civic Center are subleases, so you might be able to snag a great spot on a short term. 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 4,000 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this area are close to 5 stories. Most buildings in this market were built in 1915 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Civic Center folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.