The typical asking rate per listing is in the $20's per square foot per year. The University submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $8 per sqft per year. That's a 24% decline in rent.
Compared to the rest of the The Triangle market, the University region has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 15 listings have been posted online, which means leases are probably going fast. You'll want to be prepared to make an offer immediately. About 47% of the office spaces in the University are subleases, so you might be able to snag a great spot on a short term. 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 2,110 sqft. Most buildings in this area are around 2 floors. Most buildings in this region were built in 1965 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst University residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.