On average, listings lease in the $30's per square foot per year. The University District submarket is seeing a decline in rates. In the last 3 months, the median rate fell $15 per sqft per year. That's a 31% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the University District submarket has lower rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 34 listings have come on the market, which means spaces are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 21% of the available leases in the University District are subleases, so you might be able to find a shorter term or below market rent. 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 820 sqft. Most properties in this region are around 5 stories. Most buildings in this area were built in 1981 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this region. Most of the folk of University District work from home. Commuting approximately 30 minutes 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 University District.
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