The typical asking rate per listing is in the $30's per square foot per year. The Center City East region is seeing a an increase in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 9% increase in rent.
Compared to the rest of the Philadelphia market, the Center City East region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 16 listings have come on the market, which means leases might be going fast. You'll want to be prepared to make an offer immediately. 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 5,060 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this area are close to 5 floors. Most buildings in this region were built in 1924 and are Class A.