Most listings are in the $60's per square foot per year. The Downtown-Penn Quarter-Chinatown submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $6 per sqft per year. That's a 8% decrease in rent.
In the last 90 days, 33 listings have come on the market, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. About 9% of the available leases in the Downtown-Penn Quarter-Chinatown are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 4,638 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are close to 12 stories. Most buildings in this market were built in 1986 and are Class A.
Utilities is the dominant industry in this area. Commute by taxi is the most popular way to get to work amongst Downtown-Penn Quarter-Chinatown residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.