On average, listings lease in the $60's per square foot per year. The Chinatown submarket is experiencing a a boost in rates. In the last 3 months, the median rate rose $5 per sqft per year. That's a 8% increase in rent.
Compared to the rest of the New York City market, the Chinatown submarket has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 24 listings have come on the market, which means listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 4% of the listings in the Chinatown are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,400 sqft. Most buildings in this area are close to 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.