On average, listings lease in the $80's per square foot per year. The SoHo region 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% decrease in rent.
Compared to the rest of the New York City market, the SoHo submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 159 listings have been made available, so you'll want to check back regularly for new listings. About 87% of the office spaces 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 3,770 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region are close to 5 stories. Most buildings in this area were built in 1910 and are Class B.
This area is fairly equally mixed residential and commercial. Utilities is the dominant industry in this area. Most of the residents of SoHo work from home. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.