The typical asking rate per listing is in the $40's per square foot per year. The Pioneer Square submarket is seeing a decline in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Pioneer Square region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 7 listings have been posted online, which means spaces might be going fast. You'll want to be prepared to make an offer immediately. About 171% of the available space in the Pioneer Square 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 2,770 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are close to 6 floors. Most buildings in this market were built in 1904 and are Class B.
Waste services is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Pioneer Square occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.