New York City is a beautiful and convenient location to open or continue a business in. NYC, though, is split up into five different boroughs: Brooklyn, Queens, Staten Island, Manhattan, and the Bronx. When you picture NYC, you’ll likely imagine the soaring skyline of Manhattan, as it’s the most iconic and recognizable representation of what the city has to offer. For this reason, Manhattan has become an incredible place for business growth; the number of both tourists and locals that are drawn to this area allow for a high level of acknowledgment and awareness of companies.
SoHo has a rich and beautiful history that allowed this neighborhood to be classified as highly as it is today. Going back to early times, the Dutch initially took over this area of land from native tribes that lived here in the mid 1600’s. After their establishment, by the mid 18th century, farmlands overtook this land. Urbanization prevailed until the early 19th century when rapid development of these lands began. Soon, Manhattan went from a farm district to one of a dense population that housed businesses, hotels, and a growing middle class.
As the 19th century and the Industrial Revolution continued, residents were pushed out of the area due to businesses and various industry and commerce overtaking the area. The Civil War was especially significant for this area of Manhattan, as it caused over 25 percent of modern-day SoHo’s population of the 8th Ward residents to decrease. For reference, the 8th Ward was a district classification like a neighborhood is today, and there were about 22 Wards during this period of time. This population change was almost solely due to the industrial growth that SoHo experienced.
SoHo’s industrial feel remained throughout World War II but concerns for commercial commerce drew out companies from the area. Warehouses and sweatshops developed, and once these were banned in the area, SoHo soon became residential again.
Today, SoHo is considered one of the most trendy and aesthetic neighborhoods in Manhattan. This is likely due to the historically elegant cast-iron buildings and cobblestone roads that still exist from its industrial era. Business owners wait for years to find their ideal place in SoHo, as it’s one of the best areas to rent in Manhattan.
As mentioned above, SoHo is one of the most desirable locations to lease office space in NYC from. That’s because of the bountiful amount of benefits that this neighborhood offers its renters. The first key factor that makes SoHo offices great is its aesthetic environment. Cobblestone roads are more popular than paved ones here, making for a more rustic street feel. It allows employees and customers to be taken aback to a simpler time. Another way that SoHo’s beauty shows is through the architecture. Cast-iron buildings, lofted ceilings, and large windows that allow for a great amount of light to enter the building are all factors. Compared to other buildings available in NYC, those in SoHo provide an authentic and historic vibe without being outdated or overdone. It’s the perfect balance between modern and regressive.
Other great aspects about this neighborhood is its location in the borough of Manhattan itself. Sandwiched between Midtown and Lower Manhattan, there’s a ton of recognition associated with this area. Plenty of people travel within SoHo for both leisure and work. Thus, transportation is available, as are classic tourist sites that will continue drawing attention for decades to come.
Because SoHo and the buildings there have so many things to offer businesses, it’s developed the recognition as one of the best places to open an office in Manhattan. When looking to open an office space in SoHo, it’s best to act fast – there’s plenty of competition associated with rentals in the area. Be sure to understand the data trends and how much it costs to rent an office in SoHo before acting.
SoHo is one of the most expensive places in NYC to rent office from. This is likely due to the demand that exists with the rentals here. On average, you can expect your office to cost about $76.33 per square foot. As of recently, SoHo ranked as the fourth most expensive submarket to rent out of 69 neighborhoods examined across NYC. It came after the Plaza District in first at an average of $89.34 per square foot, Times Square at $77.25 per square foot, and Columbus Circle at $76.69 per square foot. One thing to recognize about all four of the aforementioned neighborhoods is their likeness. They are all some of the most popular neighborhoods in Manhattan. Each have tons of transportation available and attract plenty of people to the area every year. Though offices to rent in SoHo may be more expensive, they are worth the cost.
In total, there are about 12 million square feet of office space available in SoHo. This number is split across approximately 335 different buildings. Compared to other neighborhoods in NYC, this is minute. In fact, it’s ranked 23 of 69 neighborhoods recognized. In addition to these buildings, though, there are about 4 other buildings under construction that will introduce nearly 450,000 additional square feet of office space in SoHo. This, while it seems minute, can help many other companies open their doors in this ideal neighborhood.
It’s no wonder why the commercial office space in SoHo, NYC, is so difficult to acquire. Not only are the buildings and openings beautiful and convenient, but the competition is intense. Since there’s not a copious amount of square footage available, you can expect multiple businesses to be bidding on the same location that you’re interested in. With this in mind, it’s easy to see why you must be ready to act on an ideal rental opportunity once it arrives.
As mentioned above, plenty of transportation is available in SoHo. Subway lines started becoming established in 1870. In fact, the first ever official subway line was the IRT and ran from Greenwich Street to 9th Avenue. Remarkably, this area is part of SoHo. This means that the first established subway ran right through SoHo. It’s no wonder why this neighborhood soon became one of the most travelled. About 35 years after the IRT opened, other subway lines began appearing. Today, many of these original stops, as well as newly introduced ones, allow people to grab a subway train throughout SoHo. In fact, the most commonly seen trains here are the A, C, E, N, R, J, Z, 1, and 6 lines. The PATH train is also accessible. In addition to trains, the M1, 21, 55 and more buses run through SoHo. All of the public transportation options make it easy for people from different boroughs like Queens and Brooklyn to access SoHo.
Not only is SoHo known for its copious amounts of public transportation, but it’s recognized as one of the most popular places to walk around NYC. In fact, Walk Score, which rates how accessible neighborhoods are for walking, rated SoHo with a score of 100. This score indicates that a car is not necessary, and all daily errands won’t require a car or vehicle. Additionally, it’s considered the 10th most walkable neighborhood in New York.
Walking is more recommended than driving around SoHo, as congestion is common. Instead, if you prefer to use your own method of transportation and avoid both walking and public transportation, CitiBikes are available. These are bicycles that anybody can rent and return to any CitiBike location in the city. CitiBikes were initiated as a way to reduce congestion on the roads and improve air quality of NYC.
As you can see, there are plenty of options for transportation across SoHo, thus contributing to the desire to open office space there.
Finding top commercial real estate for rent in SoHo can be difficult, as there may not be a lot of places without substantial competition. So that you can get an idea for some of the rentals
offered in the area, we’ve outlined some of the top places available for lease. When looking at these options, keep in mind the aspects of a rental that your business could benefit most from. For example, do they have enough space for you? How close is the nearest public transportation? What other companies are in the area that could draw attention to your business? Hopefully, the below rentals below can help you find the best lease option for your company.
If you’re looking for a larger office space in SoHo, 30 Vandam Street is a great choice. Located on the western side of SoHo, this building is closer to the Hudson River than other buildings in SoHo are. Speaking of the building itself, it was built in the year 1900. Regardless of its older construction date, the interior is updated and modernized with a classic industrial flare. The total building size is about 28,000 square feet, and this is split across six different floors. Per unit available, about six offices, three bathrooms, and four conference rooms are available. Again, this is essential for those companies that need a little extra space. Each unit also has a fully furnished kitchen; this makes for a great lunchtime option for employees. The high ceilings and large windows make this space feel even larger than it already is, and you’ll never feel closed in. There is plenty of room to work with, so even your clients will feel comfortable. In addition to this, 30 Vandam Street is within close proximity to the 1, 2, C, and E trains, as well as the M20, M21, and M55 buses. This makes for easy transportation for both employees and clients. Ultimately, 30 Vandam Street is a top spot for renters, as it’s large, open, accessible, and aesthetically pleasing.
The beautiful 84 Wooster Street is one of the most ideal commercial spaces for rent in SoHo. It’s located right on a cobblestone road, thus increasing the aesthetic value of the building. Additionally, the wood and brick building provide renters with an industrial yet modernized feel, as it was constructed in 1896 but renovated for improvements. With 73,500 square feet of space spread across 7 floors, this is one of the larger buildings available in SoHo. Each floor has separate units which average at about 2,000 square feet each, thus making it a great choice for mid-sized or developing companies. The large windows and high ceilings allow an abundance of light to enter the space and give it a homier feel. Multiple conference rooms are available embedded within the open floor plan. This allows for private meetings with employees or clients without sacrificing the social benefit of an open floor plan. Building accessibility is excellent as well – a key card system is used, and two elevators are available. Regarding public transportation, the A, C, E, B, D, F, M, N, Q, and R trains are all close by, thus allowing easy access for both clients and employees. 84 Wooster Street is a top spot for SoHo commercial real estate.
If you have a smaller business, 118 Spring Street may be ideal for you. This building was constructed in 1920, but it was renovated in 2012. This updated internal construction makes for a modernized yet authentic feel. At just 10,000 square feet split across 7 floors, each unit averages to about 1,000 square feet. Hardwood floors reflect the light that shines through from
the large windows at the front and back of the rental unit. The floor space itself is quite open with both conference rooms and offices available. One restroom and ne fully equipped kitchen make it great for employee usage. A unique aspect of this building is that it has elevators that when your key card is swiped, it allows access to your individual floor. Regarding transportation, plenty of trains are within walking distance; the A, C, E, B, D, F, M, Q, R, W, and 6 lines make it easy for employees and clients to make it into this office. Essentially, the well-lit, beautiful, and accessible building of 118 Spring Street is a great option for smaller businesses looking for an office lease in SoHo.
One of the most beautiful office locations in SoHo is found at 515 Greenwich Street. Constructed in 1910, this rustic concrete building has a very authentic feel to it. Though it was erected over a century ago, the building was rebuilt within the decade, so the internals are modernized and updated. There is a total of 62,500 square feet in the entire building, and this is spread across 5 different floors. Each floor has different units available, each of which range anywhere between 1,000 and 5,000 square feet. This makes it a great building option for both growing and pre-established companies, as you can choose the amount of space you want within a beautiful building. Regarding the units available, they are open and spacious. The large windows allow a plentiful of light in, and this light stunningly reflects off the hardwood floors and white painted walls. One of the most important features of 515 Greenwich Street is the ability to build the floorplan you need. It is considered a “built to suit” building, so it’s intentionally open so you can form your own business space around it. Regarding transportation nearby, plenty of train lines are accessible by foot; the A, C, E, B, D, F, M, and 1 train are all close. Overall, 515 Greenwich Street is a top office space option in SoHo due to its location and offerings.
If you’re looking for an office rental in SoHo, be sure to stay focused and confident. With everything this neighborhood has to offer, it’s likely that you’d benefit significantly from being here. The beautiful streets and amazing architecture are sure to attract clients, while the easy access and comfortable office spaces will allow for a great employee retention rate.
In SoHo, leasing office space can be difficult. Remember to be ready to act fast when looking for a SoHo commercial lease. The market is rough; prices are high, and spaces are limited. There’s likely to be a decent amount of competition surrounding an ideal building, but if you keep your mind and numbers straight, you’ll walk away with the office space of a lifetime.
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