On average, listings lease in the $30's per square foot per year. The Lake Union submarket is going through a decline in rates. In the last 3 months, the median rate fell $7 per sqft per year. That's a 17% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Lake Union 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, 10 listings have been made available, which means new availabilities might be leasing quickly. 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 30,700 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are approximately 2 floors. Most buildings in this market were built in 1978 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Information is the dominant industry in this market. Commute by taxi is the most popular way to get to work amongst Lake Union folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.