On average, listings lease in the $10's per square foot per year. The Downtown Memphis submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 9% decrease in rent.
Compared to the rest of the Memphis market, the Downtown Memphis region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 26 listings have been posted online, which means spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. 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 2,700 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are around 5 stories. Most buildings in this area were built in 1923 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Downtown Memphis folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.