The typical asking rate per listing is in the $30's per square foot per year. The Sommerset West - Elmonica South submarket is going through a an increase in rates. In the last 3 months, the median rate went up $7 per sqft per year. That's a 25% increase in rent.
Compared to the rest of the Greater Portland market, the Sommerset West - Elmonica South submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 8 listings have been posted online, which means office spaces are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 22,600 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market are around 2 stories. Most buildings in this region 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 folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.