The typical asking rate per listing is in the $20's per square foot per year. The Central Office region is experiencing a a rise in rates. In the last 3 months, the median rate went up $5 per sqft per year. That's a 22% increase in rent.
Compared to the rest of the Richmond market, the Central Office submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 3 listings have been posted online, which means office spaces might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 67% of the available space in the Central Office 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 7,680 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this area are around 18 stories. Most buildings in this region were built in 1973 and are Class A.
Education is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Central Office folk. Commuting between 20 and 25 minutes a day is the norm for those who opt to reside in this part of town.