On average, listings lease in the $10's per square foot per year. The First Ward submarket is going through a decline in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 10% decrease in rent.
In the last 90 days, 15 listings have been listed, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. About 13% of the listings in the First Ward are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,200 sqft. Most properties in this area are approximately 2 floors. Most buildings in this region were built in 1975 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst First Ward occupants. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.