On average, listings lease in the $20's per square foot per year. The Downtown Galveston submarket is experiencing a a rise in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 4% increase in rent.
Compared to the rest of the Houston Metro market, the Downtown Galveston submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 40 listings have been posted online, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 8% of the available space in the Downtown Galveston 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 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 1,460 sqft. Most buildings in this market are approximately 2 floors. Most buildings in this market were built in 1973 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 car is the most popular way to get to work amongst Downtown Galveston occupants. Commuting approximately 20 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 Galveston.
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