On average, listings lease in the $10's per square foot per year. The Memphis submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 22% decrease in rent.
Compared to the rest of the Memphis market, the Memphis submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 227 listings have come on the market, so you'll want to check back regularly for new listings. About 100% of the listings in the Memphis 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 available, so finding a space for a small business might be tough.
Even though the median size is 3,400 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are around 1 floors. Most buildings in this area were built in 1985 and are Class B.