The typical asking rate per listing is in the $30's per square foot per year. The University region is experiencing a a boost in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 4% rise in rent.
Compared to the rest of the The Triangle market, the University submarket has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 15 listings have been listed, which means listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 13% of the listings in the University 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.
Even though the median size is 6,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are around 2 floors. Most buildings in this region were built in 1965 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst University occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.