Most listings are in the $70's per square foot per year. The Theater District submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $8 per sqft per year. That's a 9% decrease in rent.
Compared to the rest of the New York City market, the Theater District submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 224 listings have been posted online, so you'll want to check back regularly for new listings. About 66% of the available space 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 5,080 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are close to 23 floors. Most buildings in this area were built in 1930 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this market. Most of the folk of Theater District work from home. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.