Most listings are in the $80's per square foot per year. The SoHo submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 3% decrease in rent.
Compared to the rest of the New York City market, the SoHo region has more expensive rates, and you'll have to negotiate above asking rent 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 sign a shorter term by taking over a previous lease. 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 leases below 2,000 sqft. Most buildings in this area are approximately 5 floors. Most buildings in this region were built in 1910 and are Class B.
This region is fairly equally mixed residential and commercial. Utilities is the dominant industry in this market. Most of the occupants 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.