On average, listings lease in the $10's per square foot per year. The Near West End submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $7 per sqft per year. That's a 33% decline in rent.
Compared to the rest of the Richmond market, the Near West End region has lower rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 7 listings have been made available, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 2,580 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are close to 3 floors. Most buildings in this area were built in 1981 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Wholesale trade is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Near West End residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.