On average, listings lease in the $60'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 $9 per sqft per year. That's a 13% decrease in rent.
Compared to the rest of the New York City market, the Theater District region has less expensive rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 132 listings have been listed, so you'll want to check back regularly for new listings. About 23% of the listings 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 4,000 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this region are approximately 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 close to 10 minutes a day is the norm for those who opt to reside in this part of town.