The typical asking rate per listing is in the $30's per square foot per year. The Downtown Durham region is seeing a decline in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 11% decline in rent.
Compared to the rest of the The Triangle market, the Downtown Durham submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 15 listings have been listed, which means listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 127% of the listings in the Downtown Durham 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 23,660 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this region are close to 7 stories. Most buildings in this region were built in 1963 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Real estate is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Downtown Durham occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.