Most listings are in the $20's per square foot per year. The Avenue of the Arts South submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $8 per sqft per year. That's a 27% decline in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued 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 7% of the listings in the Avenue of the Arts South are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 13,070 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 17 floors. Most buildings in this region 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 market. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South residents. Commuting close to 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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