On average, listings lease in the $30's per square foot per year. The Southwest Raleigh region is going through a decrease in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the The Triangle market, the Southwest Raleigh region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 35 listings have come on the market, which means new availabilities might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 14% of the office spaces in the Southwest Raleigh 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 posted, so finding a space for a small business might be tough.
Even though the median size is 5,770 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are approximately 3 stories. Most buildings in this market were built in 1998 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this market. Commute by motorcycle is the most popular way to get to work amongst Southwest Raleigh residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.