On average, listings lease in the $10's per square foot per year. The Downtown Richmond region is experiencing a an increase in rates. In the last 3 months, the median rate went up $18 per sqft per year.
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, 39 listings have been listed, which means leases are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 69% of the listings in the Downtown Richmond are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 4,740 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are around 3 stories. Most buildings in this region were built in 1952 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 folk 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.