On average, listings lease in the $30's per square foot per year. The Avenue of the Arts South region is experiencing a a rise in rates. In the last 3 months, the median rate went up $2 per sqft per year. That's a 6% increase 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 discounted region.
In the last 90 days, 103 listings have been posted online, so you'll want to check back regularly for new listings. About 9% of the office spaces in the Avenue of the Arts South are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 6,500 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this area are close to 17 stories. 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 region. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South residents. Commuting around 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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