On average, listings lease in the $30's per square foot per year. The Central Raleigh submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 4% decrease in rent.
Compared to the rest of the The Triangle market, the Central Raleigh region has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 35 listings have been posted online, which means listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the available leases in the Central Raleigh are subleases, so you will probably have to consider a longer term 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 3,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are around 2 floors. Most buildings in this region were built in 1935 and are Class A.
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 region. Commute by walking is the most popular way to get to work amongst Central Raleigh residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.