On average, listings lease in the $30's per square foot per year. The Downtown Richmond submarket is experiencing a an increase in rates. In the last 3 months, the median rate rose $2 per sqft per year. That's a 6% increase in rent.
Compared to the rest of the Richmond market, the Downtown Richmond submarket has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 20 listings have come on the market, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. 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 1,530 sqft. Most buildings in this region are close to 3 stories. Most buildings in this market were built in 1964 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Real estate is the dominant industry in this market. Most of the residents of Downtown Richmond 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.