The typical asking rate per listing is in the $10's per square foot per year. The Downtown Memphis submarket is going through a an increase in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 21% rise in rent.
Compared to the rest of the Memphis market, the Downtown Memphis region has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 37 listings have been made available, which means new listings most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 19% of the office spaces in the Downtown Memphis 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 14,970 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this region are approximately 4 stories. Most buildings in this region were built in 1923 and are Class B.
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 area. Commute by car is the most popular way to get to work amongst Downtown Memphis residents. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.