The typical asking rate per listing is in the $30's per square foot per year. The Downtown Chapel Hill submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $14 per sqft per year. That's a 31% decrease in rent.
Compared to the rest of the The Triangle market, the Downtown Chapel Hill region has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 3 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. 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 3,300 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are around 9 floors. Most buildings in this market were built in 2008 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this market. Commute by motorcycle is the most popular way to get to work amongst Downtown Chapel Hill residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.