The typical asking rate per listing is in the $10's per square foot per year. The Downtown Norfolk submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 3% decline in rent.
In the last 90 days, 30 listings have been posted online, which means office spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the office spaces in the Downtown Norfolk are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,310 sqft. Most properties in this region are approximately 9 floors. Most buildings in this region were built in 1977 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Utilities is the dominant industry in this region. Most of the residents of Downtown Norfolk work from home. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.