On average, listings lease in the $180's per square foot per year. The Meatpacking District region is experiencing a decrease in rates. In the last 3 months, the median rate fell $53 per sqft per year. That's a 22% decline in rent.
Compared to the rest of the New York City market, the Meatpacking District region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 7 listings have been made available, which means new availabilities most likley are going fast. You'll want to be prepared to make an offer immediately. About 100% of the listings in the Meatpacking District are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 12,630 sqft, there are still 0 listings below 2,000 sqft. Most properties in this region are close to 4 floors. Most buildings in this area were built in 1910 and are Class A.
Professional services is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Meatpacking District folk. Commuting around 20 minutes a day is the norm for those who opt to reside in this part of town.