On average, listings lease in the $70's per square foot per year. The Theater District region is experiencing a decline in rates. In the last 3 months, the median rate fell $8 per sqft per year. That's a 9% decline in rent.
Compared to the rest of the New York City market, the Theater District region has more expensive 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 18% of the listings in the Theater District are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 5,250 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are approximately 24 stories. Most buildings in this region were built in 1930 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this region. Most of the occupants 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.