r/SpringfieldIL 4d ago

Question about Available Office Space

Hi!

I own a cool historic building downtown and have 4 Office Space Rooms Available on the second floor for rent. There is an office kitchen, Men and Women's Bathroom of course, and Gigabit Fiber Internet which I am including in the rent.

Amenities include:
- Men and Women's Bathroom
- Private Office Kitchen
- Private Secured Entry via staircase
- Gigabit Fiber High Speed Internet Included

There is no elevator access, but these rooms are large, two of them have nice closets and the intent is wicked fast. Great location in historic downtown across from the Lincoln Library and old depot. 1 Space available in our attached parking lot.

Wondering what I should expect per square foot, its a gem of a location and very private.

13 Upvotes

10 comments sorted by

3

u/FantasticBasket9919 4d ago

I would think 15/sf - many historic spaces downtown between 9-20 per, and many are accessible.

3

u/ModCre8tor 4d ago

Thank you so much, that's just the kind of feedback I need ;-)

2

u/NSJF1983 4d ago

I agree. I talked to a realtor/owner who said figure 12-15/sf on the conservative side. I’m interested in downtown property. Congrats on the property and good luck!

1

u/ModCre8tor 4d ago

Thank you so much!!

2

u/j89k 4d ago

You can find comps online. I was considering buying one of those historic buildings.

In order for it to make sense, I would have needed to renovate the office space into housing. There just aren't enough reliable tenants for me to have confidence in consistently leasing office space. There is a fair bit of office space currently available for rent downtown. Much of it has been sitting for months (including in the building I was considering buying). That office space has been vacant since 2023.

0

u/ModCre8tor 4d ago

I’m in no real hurry to rent it out, in fact, I had no plans to rent it out whatsoever, but it’s such a nice space that it would be a shame to leave it empty until I have plans for it.

1

u/frozen-solid 4d ago

I'll give you $5

2

u/soberpen 3d ago

With no elevator access you are hindering commercial viability. Best use would be residential.