The typical asking rate per listing is in the $80's per square foot per year. The Gramercy Park submarket is seeing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the New York City market, the Gramercy Park region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 22 listings have come on the market, which means leases are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 86% of the listings in the Gramercy Park 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 posted, so finding a space for a small business might be tough.
Even though the median size is 2,550 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are approximately 10 stories. Most buildings in this region were built in 1912 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this market. Most of the residents of Gramercy Park work from home. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.