On average, listings lease in the $20's per square foot per year. The Downtown Richmond submarket is going through a a boost in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 3% increase in rent.
Compared to the rest of the Richmond market, the Downtown Richmond submarket has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 39 listings have been posted online, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. About 33% of the available leases in the Downtown Richmond are subleases, so you might be able to find a shorter term or below market rent. 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 4,200 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are around 3 stories. Most buildings in this area were built in 1953 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Real estate is the dominant industry in this region. Most of the folk of Downtown Richmond work from home. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.