Most listings are in the $50's per square foot per year. The Chinatown submarket is going through a decrease in rates. In the last 3 months, the median rate fell $14 per sqft per year. That's a 19% decline in rent.
Compared to the rest of the New York City market, the Chinatown submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 168 listings have come on the market, so you'll want to check back regularly for new listings. About 15% of the listings in the Chinatown 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 2,300 sqft. Most properties in this market are close to 6 floors. Most buildings in this region were built in 1915 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this region. Commute by taxi is the most popular way to get to work amongst Chinatown occupants. Commuting around 20 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 Chinatown.
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