The typical asking rate per listing is in the $20's per square foot per year. The Totem Lake region is experiencing a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 4% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Totem Lake submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 17 listings have been made available, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 18% of the available space in the Totem Lake 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 available, so finding a space for a small business might be tough.
Even though the median size is 6,180 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are around 2 floors. Most buildings in this region were built in 1986 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Waste services is the dominant industry in this region. Most of the residents of Totem Lake work from home. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.