Most listings are in the $90's per square foot per year. The East Village submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $153 per sqft per year. That's a 61% decline in rent.
Compared to the rest of the New York City market, the East Village region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 1 listings have been listed, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 400 sqft. Most properties in this market are approximately 5 stories. Most buildings in this market were built in 1900 and are Class B.
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 residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.