On average, listings lease in the $60's per square foot per year. The Downtown-Penn Quarter-Chinatown submarket is experiencing a a boost in rates. In the last 3 months, the median rate increased $18 per sqft per year. That's a 34% increase in rent.
In the last 90 days, 41 listings have come on the market, so you'll want to check back regularly for new listings. About 5% of the office spaces in the Downtown-Penn Quarter-Chinatown 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 posted, so finding a space for a small business might be tough.
Even though the median size is 11,010 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are close to 12 floors. 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 occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.