On average, listings lease in the $80's per square foot per year. The NoHo submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the New York City market, the NoHo submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 20 listings have been made available, which means leases might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 55% of the listings in the NoHo 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 3,280 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this market are close to 7 floors. Most buildings in this market were built in 1905 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Manufacturing is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst NoHo occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.