On average, listings lease in the $80's per square foot per year. The Theater District region is going through a decrease 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 Theater District submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 224 listings have been listed, so you'll want to check back regularly for new listings. About 75% of the available space in the Theater District are subleases, so you might be able to find a shorter term or below market rent. 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 5,850 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this area 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 market. 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.