The typical asking rate per listing is in the $20's per square foot per year. The Shockoe Slip region is going through a decline in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 16% decrease in rent.
Compared to the rest of the Richmond market, the Shockoe Slip region has less expensive rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 31 listings have come on the market, which means listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 6% of the office spaces in the Shockoe Slip 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.
Even though the median size is 4,770 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are close to 3 floors. Most buildings in this region were built in 1890 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Finance and insurance are the dominant industries in this region. Commute by public transit is the most popular way to get to work amongst Shockoe Slip residents. Commuting under 5 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 Shockoe Slip.
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