The typical asking rate per listing is in the $80's per square foot per year. The SoHo submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 6% decline in rent.
Compared to the rest of the New York City market, the SoHo region has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 114 listings have been listed, so you'll want to check back regularly for new listings. About 11% of the office spaces in the SoHo 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 4,100 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are approximately 5 floors. Most buildings in this area were built in 1910 and are Class B.
This market is fairly equally mixed residential and commercial. Utilities is the dominant industry in this market. Most of the residents of SoHo work from home. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.