The typical asking rate per listing is in the $190's per square foot per year. The NoLita submarket is experiencing a a boost in rates. In the last 3 months, the median rate rose $198 per sqft per year.
Compared to the rest of the New York City market, the NoLita submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 4 listings have been listed, which means new availabilities most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 75% of the available space in the NoLita are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are close to 5 floors. 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.