The SoHo district of Midtown South has gone through various incarnations over the decades. It started off as an industrial warehouse district housing a vast concentration of cast iron buildings, then went on to become a hotspot for artists, architects and all kinds of creatives drawn by the allure of large, loft-style open spaces bathed in natural light.
Nowadays, SoHo is buzzing with creative professionals and a plethora of tourists looking for hip boutique restaurants and shopping options, and businesses have also come to realize the potential for creative office space that the historic district offers. Those same warehouses that were once so appealing to artists and creative minds are today highly sought-after by startups and small businesses looking for creative, open office space in a convenient location close to live/work/play destinations.
The SoHo office market seems to be incredibly appealing to businesses in all types of industries, from banking to fashion to real estate. Leasing activity is led by TAMI (technology, advertising, media and information services) companies, as well as by businesses in the financial, insurance and real estate sectors. Major corporations boasting a SoHo presence include Wells Fargo Bank, Wilmington Trust, Raven Capital Management, Western Union, Cape Advisors, HSBC, and Halstead Property LLC.
Since SoHo is a hub for creatives in the fashion and media industries, many well-known brands have set up their offices in the district, including MAC Cosmetics, running their corporate offices at 130 Prince Street, and the New York Film Academy at 568-578 Broadway. Adidas, Creative Circle, and GTA North America are housed within 599 Broadway, while the Elton John Aids Foundation has an office at 584-590 Broadway.
The SoHo/NoHo district also offers a variety of coworking options, with WeWork, Cubico, and The Farm SoHo operating in the area.
Leasing activity in the SoHo/NoHo area is driven primarily by TAMI companies looking for creative, airy office spaces within a desirable location. The high demand for loft-style offices pushed average asking rents for SoHo office space to a post-recession high of $92.33 per square foot, according to Colliers Q1 data. Asking rents in the district rest well above the average asking rents for Midtown South office space, which hover at around $78 per square foot.
The SoHo district is bordered by Houston Street to the north, Canal Street to the south, Crosby Street to the east, and Sixth Avenue to the west. A variety of entertainment, shopping and dining districts are easily accessible by foot, and there are plenty of public transportation options connecting SoHo to surrounding districts. Subway lines crossing the area include the A, C, E, N, R, Q, J and Z lines, as well as the 1, 2, 3 and 6 lines. The Prince Street subway station is easily accessible, as it lies right in the heart of SoHo on Broadway.