The typical asking rate per listing is in the $50's per square foot per year. The Downtown-Penn Quarter-Chinatown submarket is going through a decrease in rates. In the last 3 months, the median rate fell $16 per sqft per year. That's a 24% decline in rent.
In the last 90 days, 40 listings have been made available, which means new listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the listings in the Downtown-Penn Quarter-Chinatown are subleases, so you will probably have to consider a longer term lease. 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 16,940 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are around 12 stories. Most buildings in this area were built in 1986 and are Class A.
Utilities is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Downtown-Penn Quarter-Chinatown folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.