On average, listings lease in the $20's per square foot per year. The Preston submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 14% decrease in rent.
Compared to the rest of the The Triangle market, the Preston submarket has lower rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 3 listings have been made available, which means spaces might be going fast. You'll want to be prepared to make an offer immediately. About 33% of the available leases in the Preston 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.
The standard measurement for office space in this area is around 1,560 sqft. Most properties in this area are around 3 stories. Most buildings in this area were built in 2000 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Information is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Preston occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.