The typical asking rate per listing is in the $20's per square foot per year. The Shockoe Slip region is seeing a decrease in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 16% decrease in rent.
Compared to the rest of the Richmond market, the Shockoe Slip submarket has lower rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 31 listings have been made available, which means new availabilities most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 10% of the office spaces in the Shockoe Slip 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.
Even though the median size is 2,630 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are approximately 3 floors. Most buildings in this market were built in 1890 and are Class B.
A large portion of this area is residential, but there's plenty of office_space. Finance and insurance are the dominant industries in this area. Commute by public transit is the most popular way to get to work amongst Shockoe Slip occupants. 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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