The typical asking rate per listing is in the $20's per square foot per year. The University Place submarket is experiencing a an increase in rates. In the last 3 months, the median rate increased $22 per sqft per year.
Compared to the rest of the Seattle Metropolitan Area market, the University Place submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 25 listings have been posted online, which means leases might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 8% of the office spaces in the University Place 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.
The standard measurement for office space in this area is around 1,960 sqft. Most properties in this region are approximately 2 floors. Most buildings in this region were built in 1988 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst University Place residents. 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 University Place.
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