On average, listings lease in the $30's per square foot per year. The Sommerset West - Elmonica South submarket is going through a an increase in rates. In the last 3 months, the median rate went up $8 per sqft per year. That's a 35% increase in rent.
Compared to the rest of the Greater Portland market, the Sommerset West - Elmonica South region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 107 listings have been listed, so you'll want to check back regularly for new listings. About 17% of the available leases in the Sommerset West - Elmonica South 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 posted, so finding a space for a small business might be tough.
Even though the median size is 19,210 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are around 2 floors. Most buildings in this area were built in 1999 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this market. Commute by taxi is the most popular way to get to work amongst Sommerset West - Elmonica South folk. Commuting between 30 and 45 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 Sommerset West - Elmonica South.
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