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SoHo Office Space
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’s numerous popular office spaces and the enviable list of tenants within have earned the neighborhood its place as part of New York’s Silicon Alley – home to successful startups like eyewear emporium Warby Parker and medical scheduling service Zocdoc. Now it is one of the areas with a high concentration of offices for small businesses and shared workspaces for individuals (freelancers) or teams. It is known as one of the most expensive places in Manhattan. Also popular with the world’s largest collection of cast-iron buildings – many of which have memorable facades and fire escapes. Large warehouse windows are providing a lot of natural light in these historic buildings.
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 asks between $85 and $65 per square foot. The amount of space to rent or lease is close to only 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% in 2020. If you compare these prices to the publicly available commercial real estate leasing data, you will see that SoHo office lease rates are far above the average price for New York. The demand for office spaces for rent is likely to continue growing while still offering limited vacancy to rent.
SoHo’s prime location in Manhattan is providing excellent access to public transportation. Thousands of people are coming each day in Union Square – tourists, freelancers, and business owners. With its comfortable office spaces to rent, it is a very popular place to work in. The 1, 6, A, C, E, 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. Additionally, many regional buses such as MegaBus and Boltbus have stops along 6th Avenue. Employees who need to travel for work can take the PATH train to Newark or the A train to John F. Kennedy (JFK) Airport.