The typical asking rate per listing is in the $30's per square foot per year. The South Philadelphia submarket is seeing a a rise in rates. In the last 3 months, the median rate went up $18 per sqft per year. That's a 90% increase in rent.
Compared to the rest of the Philadelphia market, the South Philadelphia submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 7 listings have come on the market, which means new availabilities are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. 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 6,490 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this region are approximately 4 stories. Most buildings in this market were built in 1930 and are Class B.