On average, listings lease in the $20's per square foot per year. The Lower East submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 7% decrease in rent.
In the last 90 days, 14 listings have been listed, which means listings are probably going fast. You'll want to be prepared to make an offer immediately. About 14% of the available space in the Lower East 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.
Even though the median size is 5,700 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this market are close to 2 stories. 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 region. Commute by walking is the most popular way to get to work amongst Lower East folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.