The typical asking rate per listing is in the $20's per square foot per year. The Totem Lake submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 11% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Totem Lake region has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 25 listings have come on the market, which means leases are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 12% of the listings in the Totem Lake are subleases, so you might be able to find a shorter term or below market rent. 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 3,390 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are approximately 2 floors. Most buildings in this area 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 market. Most of the residents of Totem Lake work from home. Commuting around 10 minutes a day is the norm for those who opt to reside in this part of town.