The typical asking rate per listing is in the $50's per square foot per year. The City Center region is seeing a decrease in rates. In the last 3 months, the median rate decreased $106 per sqft per year. That's a 67% decline in rent.
Compared to the rest of the Gold Coast market, the City Center submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 4 listings have been made available, which means leases might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 275% of the listings in the City Center 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 on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,230 sqft. Most properties in this region are approximately 5 stories. Most buildings in this market were built in 1959 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Real estate is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst City Center occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.