On average, listings lease in the $60's per square foot per year. The East Village submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $33 per sqft per year. That's a 33% decrease in rent.
Compared to the rest of the New York City market, the East Village region has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 2 listings have been posted online, which means new availabilities are probably leasing quickly. 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 1,000 sqft. Most buildings in this area are around 5 stories. Most buildings in this region were built in 1900 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst East Village occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.