On average, listings lease in the $10's per square foot per year. The Downtown Memphis region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 4% decrease in rent.
Compared to the rest of the Memphis market, the Downtown Memphis submarket has lower rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 294 listings have come on the market, so you'll want to check back regularly for new listings. About 8% of the available leases in the Downtown Memphis are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 4,530 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are close to 4 stories. Most buildings in this market were built in 1923 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Downtown Memphis folk. Commuting between 20 and 25 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 Downtown Memphis.
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