On average, listings lease in the $80's per square foot per year. The Theater District region is going through a an increase in rates. In the last 3 months, the median rate rose $22 per sqft per year. That's a 35% increase in rent.
Compared to the rest of the New York City market, the Theater District region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 224 listings have been made available, so you'll want to check back regularly for new listings. About 19% of the office spaces in the Theater District 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 available, so finding a space for a small business might be tough.
Even though the median size is 5,200 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this area 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 around 10 minutes a day is the norm for those who opt to reside in this part of town.