On average, listings lease in the $20's per square foot per year. The Downtown Richmond region is experiencing a an increase in rates. In the last 3 months, the median rate increased $5 per sqft per year. That's a 25% increase in rent.
Compared to the rest of the Richmond market, the Downtown Richmond region has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 39 listings have been posted online, which means office spaces are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 46% of the listings 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 availabilities below 2,000 sqft. Most buildings in this area are close to 3 stories. Most buildings in this area were built in 1952 and are Class A.
A large portion of this area 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.