On average, listings lease in the $40's per square foot per year. The Underwood Avenue submarket is going through a an increase in rates. In the last 3 months, the median rate increased $24 per sqft per year. That's a 100% increase in rent.
Compared to the rest of the Omaha market, the Underwood Avenue region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 11 listings have come on the market, which means leases most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 45% of the office spaces in the Underwood Avenue 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 360 sqft. Most properties in this region are approximately 4 floors. Most buildings in this area were built in 1957 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this market. Commute by public transit is the most popular way to get to work amongst Underwood Avenue occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.