On average, listings lease in the $80's per square foot per year. The Theater District submarket is going through a a rise in rates. In the last 3 months, the median rate went up $82 per sqft per year.
Compared to the rest of the New York City market, the Theater District submarket has greater 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 77% 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 5,250 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market 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 residents 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.