On average, listings lease in the $30's per square foot per year. The Botanica submarket is seeing a a rise in rates. In the last 3 months, the median rate rose $33 per sqft per year.
Compared to the rest of the Gold Coast market, the Botanica submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 1 listings have been posted online, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. About 100% of the listings in the Botanica 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.
Even though the median size is 83,500 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region were built in 1990 and are Class A.
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. Most of the residents of Botanica work from home. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.