On average, listings lease in the $80's per square foot per year. The SoHo submarket is seeing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 1% decrease in rent.
Compared to the rest of the New York City market, the SoHo submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 159 listings have come on the market, so you'll want to check back regularly for new listings. About 9% of the office spaces in the SoHo are subleases, so you will probably have to focus your search on direct office leases. 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 4,950 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this market are approximately 5 stories. Most buildings in this market were built in 1910 and are Class B.
This market is fairly equally mixed residential and commercial. Utilities is the dominant industry in this area. Most of the occupants of SoHo work from home. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.