The typical asking rate per listing is in the $10's per square foot per year. The Downtown Memphis region is going through a a boost in rates. In the last 3 months, the median rate went up $2 per sqft per year. That's a 13% rise in rent.
Compared to the rest of the Memphis market, the Downtown Memphis region has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 37 listings have been listed, which means leases are probably going fast. You'll want to be prepared to make an offer immediately. About 16% of the office spaces in the Downtown Memphis 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 available, so finding a space for a small business might be tough.
Even though the median size is 9,040 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this region are around 4 floors. Most buildings in this market were built in 1923 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Downtown Memphis folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.