The typical asking rate per listing is in the $20's per square foot per year. The Highland Park West submarket is going through a a boost in rates. In the last 3 months, the median rate went up $23 per sqft per year.
Compared to the rest of the Greater Austin market, the Highland Park West submarket has smaller rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 1 listings have been made available, which means leases most likley are 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 1,100 sqft. Most buildings in this market are close to 2 floors.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this area. Most of the occupants of Highland Park West work from home. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.