The typical asking rate per listing is in the $80's per square foot per year. The Downtown Menlo Park region is experiencing a decrease in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 5% decline in rent.
Compared to the rest of the Silicon Valley market, the Downtown Menlo Park region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 7 listings have been listed, which means new listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 114% of the listings in the Downtown Menlo Park are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 1,340 sqft. Most properties in this region are approximately 2 stories. Most buildings in this area were built in 1965 and are Class B.
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 market. Most of the residents of Downtown Menlo Park work from home. Commuting close to an hour a day is the norm for those who opt to reside in this part of town.