On average, listings lease in the $50's per square foot per year. The Downtown-Penn Quarter-Chinatown region is experiencing a decline in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 7% decrease in rent.
In the last 90 days, 11 listings have been posted online, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. About 9% of the office spaces in the Downtown-Penn Quarter-Chinatown are subleases, so you will probably have to focus your search on direct office leases. 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 4,638 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are close to 12 floors. Most buildings in this market were built in 1986 and are Class A.
Utilities is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Downtown-Penn Quarter-Chinatown folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.