On average, listings lease in the $60's per square foot per year. The Downtown-Penn Quarter-Chinatown region is experiencing a decline in rates. In the last 3 months, the median rate decreased $6 per sqft per year. That's a 8% decline in rent.
In the last 90 days, 33 listings have been made available, which means listings might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 9% of the listings in the Downtown-Penn Quarter-Chinatown are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 4,638 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market are approximately 12 floors. Most buildings in this region were built in 1986 and are Class A.
Utilities is the dominant industry in this area. 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.