The typical asking rate per listing is in the $60's per square foot per year. The Hell's Kitchen submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $12 per sqft per year. That's a 16% decrease in rent.
Compared to the rest of the New York City market, the Hell's Kitchen submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 35 listings have come on the market, which means new availabilities most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 14% of the available space in the Hell's Kitchen are subleases, so you might be able to find a shorter term or below market rent. 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 3,880 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this market are approximately 6 stories. Most buildings in this market were built in 1928 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Real estate is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Hell's Kitchen occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.