The typical asking rate per listing is in the $50's per square foot per year. The Downtown-Penn Quarter-Chinatown region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $16 per sqft per year. That's a 24% decrease in rent.
In the last 90 days, 40 listings have been posted online, which means leases most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the office spaces in the Downtown-Penn Quarter-Chinatown are subleases, so you will probably have to focus your search on direct office leases. 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 16,940 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this area are around 12 floors. Most buildings in this area were built in 1986 and are Class A.
Utilities is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Downtown-Penn Quarter-Chinatown residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.