On average, listings lease in the $80's per square foot per year. The SoHo submarket is going through a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 3% decline in rent.
Compared to the rest of the New York City market, the SoHo submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 159 listings have been posted online, so you'll want to check back regularly for new listings. About 79% of the available leases in the SoHo 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 3,870 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are close to 5 stories. Most buildings in this region were built in 1910 and are Class B.
This market is fairly equally mixed residential and commercial. Utilities is the dominant industry in this region. 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.