The typical asking rate per listing is in the $30's per square foot per year. The Wellington Place submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Wellington Place submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 28 listings have come on the market, which means new listings might be going fast. You'll want to be prepared to make an offer immediately. About 29% of the office spaces in the Wellington Place 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 2,940 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are close to 15 floors. Most buildings in this region were built in 1985 and are Class B.
Health care is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Wellington Place residents. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.