The typical asking rate per listing is in the $20's per square foot per year. The Downtown Richmond submarket is experiencing a a rise in rates. In the last 3 months, the median rate rose $4 per sqft per year. That's a 20% increase in rent.
Compared to the rest of the Richmond market, the Downtown Richmond submarket has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 27 listings have been listed, which means listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,500 sqft. Most buildings in this market are approximately 3 stories. Most buildings in this area were built in 1964 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Real estate is the dominant industry in this area. Most of the residents of Downtown Richmond work from home. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.