On average, listings lease in the $60's per square foot per year. The Downtown-Penn Quarter-Chinatown submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 6% decrease in rent.
In the last 90 days, 41 listings have come on the market, so you'll want to check back regularly for new listings. About 49% of the office spaces in the Downtown-Penn Quarter-Chinatown are subleases, so you might be able to snag a great spot on a short term. 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 12,140 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are approximately 12 stories. Most buildings in this region 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 residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.