On average, listings lease in the $60's per square foot per year. The Chinatown submarket is seeing a decline in rates. In the last 3 months, the median rate fell $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 lower rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 18 listings have been listed, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 6% of the listings in the Chinatown are subleases, so you will probably have to consider a longer term lease. 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 1,400 sqft. Most properties 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 area. Commute by taxi is the most popular way to get to work amongst Chinatown occupants. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.