The typical asking rate per listing is in the $40's per square foot per year. The Downtown Chapel Hill submarket is going through a a boost in rates. In the last 3 months, the median rate increased $17 per sqft per year. That's a 57% rise in rent.
Compared to the rest of the The Triangle market, the Downtown Chapel Hill submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 4 listings have been posted online, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 9,460 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this region are approximately 9 stories. Most buildings in this region were built in 2008 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this area. Commute by motorcycle is the most popular way to get to work amongst Downtown Chapel Hill folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.