On average, listings lease in the $10's per square foot per year. The Downtown Richmond submarket is experiencing a an increase in rates. In the last 3 months, the median rate went up $18 per sqft per year.
Compared to the rest of the Richmond market, the Downtown Richmond submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 39 listings have come on the market, which means listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 56% of the office spaces 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,500 sqft. Most properties in this market are close to 3 floors. Most buildings in this area were built in 1952 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 residents 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.