Most listings are in the $20's per square foot per year. The Downtown Richmond region is seeing a a boost in rates. In the last 3 months, the median rate went up $5 per sqft per year. That's a 25% rise in rent.
Compared to the rest of the Richmond market, the Downtown Richmond submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 39 listings have come on the market, which means listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 41% of the available space in the Downtown Richmond are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 4,200 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this area are around 3 floors. Most buildings in this region were built in 1952 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Real estate is the dominant industry in this region. 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.