On average, listings lease in the $20's per square foot per year. The University region is experiencing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 10% decrease in rent.
Compared to the rest of the The Triangle market, the University submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 15 listings have been posted online, which means listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 67% of the available leases in the University 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 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 2,110 sqft. Most buildings in this market are approximately 2 floors. Most buildings in this region were built in 1965 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst University residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.