On average, listings lease in the $30's per square foot per year. The Third Ward region is experiencing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the Metrolina market, the Third Ward region has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 10 listings have been posted online, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. About 10% of the office spaces in the Third Ward are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 5,000 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this market are around 15 stories. Most buildings in this region were built in 1959 and are Class A.
This region is fairly equally mixed residential and commercial. Real estate is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Third Ward folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.