The typical asking rate per listing is in the $30's per square foot per year. The Elizabeth submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 14% decline in rent.
Compared to the rest of the Metrolina market, the Elizabeth region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 33 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 6% of the listings in the Elizabeth are subleases, so you will probably have to focus your search on direct office leases. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,990 sqft. Most properties in this area are approximately 2 stories. Most buildings in this market were built in 1971 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Real estate is the dominant industry in this area. Commute by motorcycle is the most popular way to get to work amongst Elizabeth occupants. Commuting around 15 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 Elizabeth.
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