On average, listings lease in the $20's per square foot per year. The Downtown Richmond submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 3% decrease in rent.
Compared to the rest of the Richmond market, the Downtown Richmond region has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 39 listings have been listed, which means office spaces might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 5% of the office spaces in the Downtown Richmond are subleases, so you will probably have to consider a longer term 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 4,110 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are approximately 3 stories. Most buildings in this market were built in 1964 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Real estate is the dominant industry in this region. 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.