Cost of Renting a SOHO Office

Photo courtesy of Travis James

Cost of Renting a SOHO Office. The name SOHO is derived from “South-of-Houston Street” and is known for its vibrant atmosphere, artistic culture, and historic cast iron architecture. It has trendy restaurants, cafes and clubs, art galleries, and boutique shops. The New Museum of Contemporary Art, whimsical Museum of Ice Cream, and several others are located in SOHO.

Surrounding this epicenter of cool are boutique lofts and offices that are ready to rent. According to Costar, the market leader for commercial real estate information, analytics, and news, the SOHO office neighborhood contains:

• 7.6 M SF of space

• 173 buildings

• $60.53 PSF average asking rent (weighted)

• 23.4% vacancy rate

Cogent Realty Advisors is a licensed NO FEE real estate broker that represents New York companies that lease office space. Call (212) 509-4049.

Factors to Consider when Searching for a SOHO Office

Photo is courtesy of Hafsa

(1) Location: Property on Broadway, Spring, Prince, Greene, Wooster and certain marquis addresses command a higher price.

(2) Quality: Encompasses the condition of a building, offices, management, and infrastructure. Many SOHO loft-office buildings are big on historic character and charm, but have: (1) small unattended lobbies; (2) small elevators and bathrooms; and (3) Tenant controlled package AC or window units; and (4) a limited number of internet/telecom providers.

(3) Lease Terms and Flexibility: The work-from-home/hybrid work movement has resulted in higher vacancies and pressured SOHO Landlords to offer shorter lease terms. However, if a Landlord is required to construct a new office or substantially renovate an existing space, it will likely require a term of 5-plus years to amortize its expenses.

(4) Market Dynamics: Like any real estate market, SOHO rental prices are influenced by supply and demand dynamics. A thorough deal analysis should include the base rent, annual rent increases, real estate taxes, and the Tenant Incentive Package (free rent and the value of office renovations).

Renting a SOHO Office- Top Workspace Available Now

Here’s a handpicked selection of offices SOHO. Get in touch with Cogent Realty Advisors, share your requirements, and let us help you find the perfect space. Reach us at (212) 509-4049.

Offices are fully furnished and include internet.

6 Green Street: Class A office building renovated 2020. 32,298 square feet. 24/7 access. All offices are delivered TURNKEY and include furniture, internet, cleaning, HVAC, rent and electricity. Asking rents from $85 PSF. Lease term from 1 to 10 years.

Prebuilt Turnkey Office: 7,025 RSF.

599 Broadway: Class B office condo building (1917/2011). 138,600 square feet. 24/7 access and attended lobby. Column free space with 12′ ceilings. Asking rents vary- call for information.

Prebuilt office. 11,000 RSF, asking only $27.00 PSF. Also available for sale- call.

64 Wooster Street: Class B loft building (1900) with 24/7 access by key fob and intercom. 60′ of window frontage on each floor. High-end finishes.

Private floor. 6,400 RSF prebuilt office. Asking $85 PSF.

Live-Work. 2,250 RSF, asking $12,565 per month.

116 Spring Street: Live-work opportunity. (1900).

Cogent Realty Advisors is a licensed NO FEE real estate broker that represents New York companies that lease office space. Call (212) 509-4049.

110 Greene Street. Photo courtesy of Costar.

110 Greene Street, “The Soho Building”: Class B loft-office (1908/Modernized). 24/7 access and attended lobby, communal rooftop lounge and Wi-Fi, conference room and fine art displays in hallways. Asking rent $90- 100 PSF.