On average, listings lease in the $10's per square foot per year. The Downtown Sioux Falls submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 10% decrease in rent.
In the last 90 days, 6 listings have been posted online, which means listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 450% of the available space in the Downtown Sioux Falls are subleases, so you might be able to snag a great spot on a short term. 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 1,430 sqft. Most properties in this region are close to 3 stories. Most buildings in this area were built in 1943 and are Class A.
This market is fairly equally mixed residential and commercial. Manufacturing is the dominant industry in this market. Most of the folk of Downtown Sioux Falls work from home. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.