On average, listings lease in the $40's per square foot per year. The Riviera submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Gold Coast market, the Riviera submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 4 listings have come on the market, which means listings might be going fast. You'll want to be prepared to make an offer immediately. 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 1,450 sqft. Most buildings in this region are approximately 6 floors. Most buildings in this market were built in 1971 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this market. Most of the folk of Riviera work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.