On average, listings lease in the $60's per square foot per year. The Little Italy submarket is seeing a a rise in rates. In the last 3 months, the median rate went up $66 per sqft per year. That's a Inf% increase in rent.
Compared to the rest of the New York City market, the Little Italy submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 2 listings have been posted online, which means office spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. 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 3,500 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this region are approximately 6 floors. Most buildings in this region were built in 1910 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Arts, entertainment, and restaurants are the dominant industries in this region. Commute by public transit is the most popular way to get to work amongst Little Italy occupants. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.