On average, listings lease in the $20's per square foot per year. The Downtown Norfolk region is going through a decline in rates. In the last 3 months, the median rate fell $9 per sqft per year. That's a 27% decrease in rent.
In the last 90 days, 27 listings have come on the market, which means office spaces most likley are going fast. You'll want to be prepared to make an offer immediately. About 93% of the listings in the Downtown Norfolk are subleases, so you might be able to find a shorter term or below market rent. 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 2,370 sqft. Most properties in this region are approximately 8 floors. Most buildings in this market were built in 1976 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Utilities is the dominant industry in this area. Most of the residents of Downtown Norfolk work from home. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.