On average, listings lease in the $20's per square foot per year. The University region is seeing a decline in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 12% decline in rent.
Compared to the rest of the The Triangle market, the University region has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 17 listings have been listed, which means new listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 6% of the listings in the University 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,890 sqft. Most properties in this area are approximately 2 floors. Most buildings in this market were built in 1965 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this region. Commute by taxi is the most popular way to get to work amongst University residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.