On average, listings lease in the $20's per square foot per year. The Third Ward submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 10% decrease in rent.
In the last 90 days, 7 listings have been listed, which means new availabilities most likley are going fast. You'll want to be prepared to make an offer immediately. About 114% of the office spaces in the Third Ward are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,540 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are close to 2 floors. Most buildings in this region were built in 1997 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Arts, entertainment, and restaurants are the dominant industries in this market. Commute by car is the most popular way to get to work amongst Third Ward residents. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.