The typical asking rate per listing is in the $20's per square foot per year. The Midtown region is going through a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 8% decrease in rent.
Compared to the rest of the Memphis market, the Midtown region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 24 listings have been listed, which means new availabilities most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,400 sqft. Most buildings in this area are around 3 floors. Most buildings in this area were built in 1963 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Midtown occupants. Commuting around an hour a day is the norm for those who opt to reside in this part of town.