On average, listings lease in the $10's per square foot per year. The Near West End region is going through a decrease in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 19% decline in rent.
Compared to the rest of the Richmond market, the Near West End submarket has lower rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 34 listings have been made available, which means listings most likley are going fast. You'll want to be prepared to make an offer immediately. About 9% of the available leases in the Near West End are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 23,150 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region are close to 2 floors. Most buildings in this area were built in 1981 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Wholesale trade is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst Near West End residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Near West End.
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