The typical asking rate per listing is in the $20's per square foot per year. The Avenue of the Arts South submarket is seeing a an increase in rates. In the last 3 months, the median rate increased $29 per sqft per year.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South submarket has lower rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 20 listings have come on the market, which means spaces are probably going fast. You'll want to be prepared to make an offer immediately. About 65% of the available leases in the Avenue of the Arts South are subleases, so you might be able to sign a shorter term by taking over a previous 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.
Even though the median size is 4,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are close to 17 floors. 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 area. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South folk. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.