The typical asking rate per listing is in the $10's per square foot per year. The Downtown Memphis submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 17% decrease in rent.
Compared to the rest of the Memphis market, the Downtown Memphis submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 37 listings have been made available, which means office spaces are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. 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 2,910 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are close to 4 floors. Most buildings in this area were built in 1923 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Downtown Memphis occupants. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.