On average, listings lease in the $20's per square foot per year. The City Center region is experiencing a an increase in rates. In the last 3 months, the median rate increased $7 per sqft per year. That's a 44% rise in rent.
Compared to the rest of the Richmond market, the City Center submarket has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 13 listings have been posted online, which means office spaces might be leasing quickly. 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 1,200 sqft. Most buildings in this market are approximately 3 floors. Most buildings in this area were built in 1930 and are Class A.
This area is fairly equally mixed residential and commercial. Finance and insurance are the dominant industries in this region. Commute by walking is the most popular way to get to work amongst City Center residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.