On average, listings lease in the $20's per square foot per year. The Avenue of the Arts South submarket is going through a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 9% decrease in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South region has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 103 listings have come on the market, so you'll want to check back regularly for new listings. About 10% of the available leases in the Avenue of the Arts South are subleases, so you will probably have to focus your search on direct office leases. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 6,500 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this area are close to 17 floors. Most buildings in this area were built in 1916 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South folk. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Avenue of the Arts South.
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