On average, listings lease in the $30's per square foot per year. The University region is seeing a an increase in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 12% increase in rent.
Compared to the rest of the The Triangle market, the University region has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 6 listings have been listed, which means new listings might be going fast. You'll want to be prepared to make an offer immediately. 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 2,160 sqft. Most buildings in this area are approximately 2 floors. Most buildings in this market were built in 1971 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 folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.