The typical asking rate per listing is in the $330's per square foot per year. The NoLita submarket is going through a a boost in rates. In the last 3 months, the median rate went up $265 per sqft per year. That's a 405% increase in rent.
Compared to the rest of the New York City market, the NoLita region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 4 listings have been made available, which means office spaces are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 25% of the available space in the NoLita are subleases, so you might be able to find a shorter term or below market rent. 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 properties in this region are close to 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. Real estate is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst NoLita occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.