The typical asking rate per listing is in the $20's per square foot per year. The Midtown submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 11% decrease in rent.
Compared to the rest of the Memphis market, the Midtown region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 23 listings have been listed, which means new listings might be going fast. You'll want to be prepared to tour spaces as quick as possible. 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 1,400 sqft. Most properties in this market are close to 3 floors. Most buildings in this region were built in 1963 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Midtown residents. Commuting close to an hour a day is the norm for those who opt to reside in this part of town.