On average, listings lease in the $30's per square foot per year. The Downtown Chapel Hill region is experiencing a decline in rates. In the last 3 months, the median rate decreased $9 per sqft per year. That's a 18% decline in rent.
Compared to the rest of the The Triangle market, the Downtown Chapel Hill region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 4 listings have been made available, which means new availabilities might be 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.
The standard measurement for office space in this area is around 2,500 sqft. Most buildings in this region are approximately 9 floors. Most buildings in this market were built in 2008 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this region. Commute by motorcycle is the most popular way to get to work amongst Downtown Chapel Hill occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.