On average, listings lease in the $20's per square foot per year. The Memorial region is experiencing a decline in rates. In the last 3 months, the median rate decreased $13 per sqft per year. That's a 33% decrease in rent.
Compared to the rest of the Houston Metro market, the Memorial region has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 2 listings have come on the market, which means listings most likley are going fast. You'll want to be prepared to make an offer immediately. About 50% of the office spaces in the Memorial 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.
Even though the median size is 23,650 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this region are around 7 floors. Most buildings in this market were built in 1983 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Arts, entertainment, and restaurants are the dominant industries in this region. Commute by taxi is the most popular way to get to work amongst Memorial occupants. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.