REBNY's Keith Decoster and pedestrians walking past a store in Soho.

SoHo continues to exemplify the best that Manhattan’s retail market has to offer, with the growing scarcity in vacant space driving rents to the highest level in a decade, according to a new report from the Real Estate Board of New York (REBNY).

The picturesque Lower Manhattan enclave’s Broadway corridor saw a 24 percent increase in average asking rent in the second half of 2025 compared to the first half of the year. Average asking rent in SoHo’s Broadway corridor was $726 per square foot, only 12 percent below where it was in the first half of 2016, when rents reached an all-time peak, REBNY said in its report.