On average, listings lease in the $30's per square foot per year. The Lower East region is experiencing a a boost in rates. In the last 3 months, the median rate rose $14 per sqft per year. That's a 58% rise in rent.
In the last 90 days, 36 listings have been posted online, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. About 8% of the available leases in the Lower East are subleases, so you will probably have to focus your search on direct office leases. 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 9,670 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are approximately 2 floors. Most buildings in this region were built in 1989 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Lower East residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Lower East.
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