On average, listings lease in the $30's per square foot per year. The City Center submarket is seeing a an increase in rates. In the last 3 months, the median rate went up $15 per sqft per year. That's a 92% increase in rent.
Compared to the rest of the Gold Coast market, the City Center region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 3 listings have been listed, which means listings are probably leasing quickly. 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 3,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this area are around 1 floors. Most buildings in this region were built in 1979 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Arts, entertainment, and restaurants are the dominant industries in this market. Commute by bike is the most popular way to get to work amongst City Center occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.