NoLita Sublease

NoLita

Office Space Market Report

Number of Listings (last 90 days)
4
Median Rate ($/sqft/yr)
$330
Median Size (sqft)
3,500
As of: February 26, 2017

NoLita Rates

On average, listings lease in the $330's per square foot per year. The NoLita region is seeing a an increase in rates. In the last 3 months, the median rate rose $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 pay a premium to be in this hot region.

NoLita Listing Supply

In the last 90 days, 4 listings have come on the market, which means listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 25% of the office spaces 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 listings below 2,000 sqft. Most properties in this area are around 5 stories. Most buildings in this region were built in 1900 and are Class A.

NoLita Community

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 residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.

Market Report

Trends and status of the commercial real estate market in NoLita.
Market Report

Market Data

Real time and historical data on commercial real estate listings in NoLita.
Research