On average, listings lease in the $80's per square foot per year. The Theater District submarket is going through a a boost in rates. In the last 3 months, the median rate rose $86 per sqft per year.
Compared to the rest of the New York City market, the Theater District submarket has greater 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 68% of the available space in the Theater District 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 posted, so finding a space for a small business might be tough.
Even though the median size is 5,250 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are around 24 floors. Most buildings in this market 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 close to 10 minutes a day is the norm for those who opt to reside in this part of town.