The typical asking rate per listing is in the $30's per square foot per year. The Old Town North region is experiencing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the Washington D.C. Area market, the Old Town North submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 37 listings have come on the market, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 8% of the office spaces in the Old Town North 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 on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,410 sqft. Most buildings in this area are around 5 floors. Most buildings in this area were built in 1987 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Waste services is the dominant industry in this area. Most of the residents of Old Town North work from home. 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 Old Town North.
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