The typical asking rate per listing is in the $80's per square foot per year. The Theater District region is going through a a rise in rates. In the last 3 months, the median rate rose $22 per sqft per year. That's a 35% increase in rent.
Compared to the rest of the New York City market, the Theater District submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 224 listings have come on the market, so you'll want to check back regularly for new listings. About 19% of the available leases 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 available, so finding a space for a small business might be tough.
Even though the median size is 5,200 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region 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 approximately 10 minutes a day is the norm for those who opt to reside in this part of town.