The typical asking rate per listing is in the $20's per square foot per year. The Great Neck region is experiencing a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 13% decline in rent.
Compared to the rest of the Virginia Beach market, the Great Neck region has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 8 listings have been posted online, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. About 63% of the listings in the Great Neck 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.
The standard measurement for office space in this area is around 2,500 sqft. Most buildings in this region are approximately 2 floors. Most buildings in this area were built in 1999 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this area. Most of the occupants of Great Neck work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.