On average, listings lease in the $20's per square foot per year. The Downtown Norfolk submarket is going through a decrease in rates. In the last 3 months, the median rate fell $9 per sqft per year. That's a 27% decline in rent.
In the last 90 days, 27 listings have been posted online, which means leases are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 56% of the available leases in the Downtown Norfolk 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 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 2,320 sqft. Most buildings in this area are around 8 stories. Most buildings in this area were built in 1976 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Utilities is the dominant industry in this area. Most of the folk of Downtown Norfolk work from home. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.