Most listings are in the $20's per square foot per year. The Great Neck region is experiencing a decline in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 13% decline in rent.
Compared to the rest of the Virginia Beach market, the Great Neck region has lower rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 8 listings have been posted online, which means leases are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 75% of the listings in the Great Neck are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 2,500 sqft. Most properties in this area are close to 2 floors. Most buildings in this market were built in 1999 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this market. Most of the residents of Great Neck work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.