On average, listings lease in the $20's per square foot per year. The First Ward region is experiencing a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 11% decline in rent.
In the last 90 days, 16 listings have been posted online, which means new availabilities most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 50% of the available leases in the First Ward 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 1,840 sqft. Most properties in this market are approximately 2 stories. Most buildings in this area were built in 1975 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst First Ward residents. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.