On average, listings lease in the $80's per square foot per year. The Theater District submarket is seeing a a rise in rates. In the last 3 months, the median rate rose $23 per sqft per year. That's a 36% rise in rent.
Compared to the rest of the New York City market, the Theater District region has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 230 listings have been made available, so you'll want to check back regularly for new listings. About 19% of the listings in the Theater District are subleases, so you might be able to snag a great spot on a short term. 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 5,280 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market are around 23 stories. Most buildings in this market were built in 1930 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this area. 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.