On average, listings lease in the $70's per square foot per year. The Hell's Kitchen submarket is experiencing a a boost in rates. In the last 3 months, the median rate increased $73 per sqft per year.
Compared to the rest of the New York City market, the Hell's Kitchen submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 40 listings have been made available, which means spaces might be going fast. You'll want to be prepared to make an offer immediately. About 125% of the office spaces in the Hell's Kitchen 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.
The standard measurement for office space in this area is around 2,500 sqft. Most properties in this market are approximately 6 stories. Most buildings in this region 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 folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.