The typical asking rate per listing is in the $40's per square foot per year. The Lower State submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $27 per sqft per year. That's a 38% decline in rent.
In the last 90 days, 40 listings have come on the market, which means spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 8% of the available space in the Lower State 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,000 sqft. Most buildings in this region are close to 3 stories. Most buildings in this region were built in 1926 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this region. Most of the occupants of Lower State work from home. Commuting approximately an hour and a half 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 Lower State.
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