Office Space $75 to $100 per Sq Ft in SoHo

What this band buys in SoHo right now

Our SoHo book runs to nine available floors between $68 and $125 a foot, and four land in this band, all furnished, the largest being 50 Greene Street's 7,300-square-foot 3rd floor at $98. Desk counts assume 175 square feet per person.

• 6 Greene Street, entire 2nd floor: 4,900 square feet at $78, about $31,850 a month, roughly 28 desks. Furnished, with private offices, a pantry and a Matterport walkthrough. It is a landmarked cast-iron loft with timber columns and high ceilings.
• 540 Broadway, entire 2nd floor: 6,350 square feet at $85, about $44,979 a month, roughly 36 desks. The most complete of the three: furnished and plug and play, with a conference room, phone booths, pantry, reception and a floor plan.
• 110 Greene Street, partial 5th floor: 3,750 square feet at $95, about $29,688 a month, roughly 21 desks. Furnished, exposed brick, polished concrete, floor plan published. A partial floor, so what gets shared belongs on the tour list.

The monthly math, worked plainly

Rent here is quoted annually per rentable square foot, so the number a finance team needs is one multiplication and one division. At 540 Broadway, 6,350 times $85 is $539,750, and that over twelve is $44,979 a month.

A dollar of asking rent costs $6,350 a year at 540 Broadway, $4,900 at 6 Greene Street and $3,750 at 110 Greene Street, so three dollars off is worth $19,050, $14,700 and $11,250. Per seat, those three run about $1,249, $1,138 and $1,414 a month, and 50 Greene Street about $1,419.

Those footages are rentable rather than usable, so we ask for a measured plan and compare floors on cost per usable seat, not on the headline rate.

What the asking rent does not include

Budgets in this band break underneath the asking rent, on five costs that sit outside it.

• Electric is seldom inside base rent, arriving as a submeter or a fixed inclusion of roughly $2 to $4 per square foot per year, $7,500 to $29,200 across these four floors.
• Cleaning gets read line by line, since nightly service covers desks and trash while pantry cleanup, interior glass and debris are often carved out.
• Real estate tax escalations run from a base year fixed in the lease, and that base year matters more than the percentage, since one struck before full assessment bills for real by year three.
• Operating expense escalations come as a pass-through over a base year or a porter's wage formula, on top of the annual step in base rent itself, commonly 2.5-3%, about $16,192 in year two at 540 Broadway.
• Buildout above any allowance is the largest of the five and the likeliest to go missing from a model, since everything past it is cash or amortized back into rent at interest.

What moves at these rents, and what we push on

Ownership defends face rent hardest here, since the number signed gets quoted on the next floor that comes back. Five items build the gap between asking and taking rent.

• Free rent goes first, costing a stretch of income rather than a permanently lower rent roll. A month is $31,850 at 6 Greene Street and $44,979 at 540 Broadway.
• An allowance beats a dollar off the rent where work is needed, and progress payments beat reimbursement on completion. On furnished floors, argue it as a furniture credit.
• Term length is the currency the other concessions get bought with, since five years will not carry what ten carries. Trade the extra years for a renewal formula.
• Escalation caps decide what year five costs: a stated percentage step rather than an index, a capped operating expense pass-through, and a fully assessed tax base year.
• Every part of the good guy guarantee is negotiable: who signs, the notice owed before vacating, whether it burns off after clean payment, and how fast liability ends at surrender.

How this band sits against the market, and who it suits

The median across our New York book is $75 a foot. SoHo's own is $98 across the nine floors we carry, on a range of $68 to $125, so these four sit $3, $10, $20 and $23 above the city.

Inside SoHo the band is the middle of the market, not the expensive end. Below it sits one large plate, One Soho Square at $68 on 27,344 square feet, about $154,949 a month. Above it, 60 Charlton Street at $120 and 520 Broadway at $125.

The band suits 20 to 42 people who want SoHo for what it does for a brand and for recruiting, who can move quickly because a furnished floor takes two to four weeks after signing, and who would rather hold a whole floor than a slice.