The typical asking rate per listing is in the $80's per square foot per year. The Downtown Menlo Park submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $8 per sqft per year. That's a 8% decrease in rent.
Compared to the rest of the Silicon Valley market, the Downtown Menlo Park region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 7 listings have been listed, which means leases might be 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 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 620 sqft. Most properties in this market are close to 2 floors. Most buildings in this region were built in 1969 and are Class B.
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 occupants of Downtown Menlo Park work from home. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.