On average, listings lease in the $60's per square foot per year. The Chinatown submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the New York City market, the Chinatown region has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 21 listings have been listed, which means new availabilities are probably going fast. You'll want to be prepared to tour spaces as quick as possible. 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 1,640 sqft. Most properties in this region are approximately 6 stories. Most buildings in this market were built in 1912 and are Class C.
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 market. Commute by taxi is the most popular way to get to work amongst Chinatown folk. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.