The typical asking rate per listing is in the $40's per square foot per year. The Old Town North submarket is experiencing a a boost in rates. In the last 3 months, the median rate went up $9 per sqft per year. That's a 24% increase in rent.
Compared to the rest of the Washington D.C. market, the Old Town North region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 9 listings have come on the market, which means spaces might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 11% of the listings in the Old Town North are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 3,040 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 5 stories. Most buildings in this area were built in 1987 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Waste services is the dominant industry in this market. Most of the residents of Old Town North work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.