On average, listings lease in the $30's per square foot per year. The Rittenhouse Square region is experiencing a a boost in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 4% increase in rent.
Compared to the rest of the Philadelphia market, the Rittenhouse Square submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 4 listings have been made available, which means spaces are probably leasing quickly. You'll want to be prepared to make an offer immediately. 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 2,800 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are close to 21 stories. Most buildings in this market were built in 1927 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Waste services is the dominant industry in this market. Most of the folk of Rittenhouse Square work from home. Commuting approximately 15 minutes a day is the norm for those who opt to reside in this part of town.