On average, listings lease in the $80's per square foot per year. The SoHo submarket is seeing a an increase in rates. In the last 3 months, the median rate increased $3 per sqft per year. That's a 3% increase in rent.
Compared to the rest of the New York City market, the SoHo region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 159 listings have come on the market, so you'll want to check back regularly for new listings. About 9% of the available leases in the SoHo 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 3,150 sqft, there are still 0 listings below 2,000 sqft. Most properties in this region are around 5 stories. Most buildings in this market were built in 1910 and are Class B.
This market is fairly equally mixed residential and commercial. Utilities is the dominant industry in this market. Most of the residents of SoHo work from home. Commuting around 20 minutes a day is the norm for those who opt to reside in this part of town.