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SoHo Office Space market
SoHo Office Space – Known as a most historic district, SoHo offers a perfect location, old buildings, and shopping paradise. It is a very popular district of Midtown South in Manhattan, New York City. SoHo is home a lot of high tech, innovative fortunate companies. They are giving the neighborhood its status as part of New York’s Silicon Valley. It is also home for fortunate startups like Percolate, Warby Parker, Contently, Foursquare and medical Zocdoc.
Now it is one of the areas with a high numbers of offices for different size companies and coworking workspaces for tenants. It is known as a very costly location in Manhattan. Soho has huge amount of cast-iron buildings, a lot of famous recognisable facades. Big industrial windows are delivering tons of sunlight in these well known historic blocks.
Providing creative office space to rent and perfect central location, SoHo has become a symbol of a luxurious lifestyle. The spacious interior of the cast-iron buildings is an excellent home to work in as startup communities from almost all kinds of businesses. While SoHo is mostly known as shopping and restaurant area with endless possibilities, it is also attractive for tech companies.
It is home to the popular internet news site and discussion forum Reddit. Financial corporations like Wells Fargo Bank, Wilmington Trust, Raven Capital Management and Western Union have chosen SoHo to their home.
How all this is reflected in the market for office spaces for rent or lease?
Because of its attractive reputation and perfect location, it wouldn’t be surprised that SoHo is the top destination for office space to rent with one of the highest prices in Manhattan. Depending on the class type A, B and C the overall market in the
SoHo office space asking rent price: between $88 and $66 per square foot.
The inventory is: around 5 million square feet, but as the area is much demanded, the percentage of vacancy is below 9.5%, which is a little less the Manhattan average vacancy rate of 10.5% in 2020.
The difference of these prices is minimal, if you check the available commercial property databases, you will find out that Soho office space lease rates are a little higher than the average prices for New York. The requirement for office inventory for rent will be developing while giving a lot of different options.
SoHo is prime location in NYC and it’s providing great entry to public transportation. Thousands of people are coming each day to SoHo – tourists, freelancers, and business owners. With its comfortable office spaces to rent, it is a very popular place to work in. The Red, Blue lines, N, R, J, and Z trains pass through the neighborhood, as well as the PATH train, making SoHo easily accessible from Brooklyn, Queens, and nearby suburbs. local and inter borough buses, Bus: M1, SIM1C, SIM4C have stops in SoHo. People who need to travel for work can take the PATH train to New Jersey.
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