Most listings are in the $20's per square foot per year. The Sommerset West - Elmonica South region is experiencing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Greater Portland market, the Sommerset West - Elmonica South submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 8 listings have come on the market, which means leases are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 25% of the office spaces 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 available, so finding a space for a small business might be tough.
Even though the median size is 3,110 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this market are around 2 stories. 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 residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.