The typical asking rate per listing is in the $80's per square foot per year. The Theater District submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $20 per sqft per year. That's a 20% decrease in rent.
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, 72 listings have been listed, so you'll want to check back regularly for new listings. About 14% of the available space in the Theater District 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 posted, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 listings below 2,000 sqft. Most properties in this region are approximately 23 floors. Most buildings in this region 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 approximately 10 minutes a day is the norm for those who opt to reside in this part of town.