On average, listings lease in the $20's per square foot per year. The Central City submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 16% decline in rent.
Compared to the rest of the Birmingham market, the Central City submarket has lower rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 29 listings have been listed, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 352% of the available leases in the Central City are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 4,500 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are approximately 4 floors. Most buildings in this market were built in 1924 and are Class B.
This market is fairly equally mixed residential and commercial. Public administration is the dominant industry in this region. Commute by motorcycle is the most popular way to get to work amongst Central City folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.