On average, listings lease in the $30's per square foot per year. The Pike-Market submarket is going through a decline in rates. In the last 3 months, the median rate fell $11 per sqft per year. That's a 22% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Pike-Market region has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 4 listings have been listed, which means spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 25% of the listings in the Pike-Market are subleases, so you might be able to snag a great spot on a short term. 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 2,860 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are around 7 stories. Most buildings in this market were built in 1923 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Pike-Market folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.