On average, listings lease in the $30's per square foot per year. The Rio Grande submarket is experiencing a a rise in rates. In the last 3 months, the median rate rose $1 per sqft per year. That's a 4% increase in rent.
Compared to the rest of the Salt Lake City market, the Rio Grande submarket has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 28 listings have come on the market, which means office spaces might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 25% of the available leases in the Rio Grande are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 6,010 sqft, there are still 0 leases below 2,000 sqft. Most properties in this area are approximately 7 floors. Most buildings in this market were built in 1951 and are Class B.
Information is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Rio Grande folk. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.