On average, listings lease in the $90's per square foot per year. The Theater District region is experiencing a a rise in rates. In the last 3 months, the median rate rose $17 per sqft per year. That's a 22% increase in rent.
Compared to the rest of the New York City market, the Theater District submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 2037 listings have been posted online, so you'll want to check back regularly for new listings. About 5% of the available space in the Theater District are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 7,000 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are close to 23 floors. Most buildings in this market were built in 1930 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this region. Most of the occupants of Theater District work from home. Commuting approximately 10 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Theater District.
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