The typical asking rate per listing is in the $20's per square foot per year. The Downtown Richmond submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 3% decrease in rent.
Compared to the rest of the Richmond market, the Downtown Richmond submarket has smaller rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 38 listings have come on the market, which means listings are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 3% of the available space in the Downtown Richmond are subleases, so you will probably have to focus your search on direct office leases. 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 new availabilities below 2,000 sqft. Most buildings in this region are around 3 floors. Most buildings in this region were built in 1964 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Real estate is the dominant industry in this market. Most of the occupants 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.