Most listings are in the $10's per square foot per year. The Downtown Memphis region is experiencing a decline in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 9% decline in rent.
Compared to the rest of the Memphis market, the Downtown Memphis region has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 17 listings have been made available, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,870 sqft. Most properties in this area are around 5 floors. Most buildings in this market were built in 1923 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Downtown Memphis folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.