The typical asking rate per listing is in the $40's per square foot per year. The South Lake Union region is seeing a decrease in rates. In the last 3 months, the median rate fell $26 per sqft per year. That's a 38% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the South Lake Union submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 11 listings have been listed, which means office spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 100% of the available leases in the South Lake Union 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 6,530 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are around 6 stories. Most buildings in this area were built in 1990 and are Class A.
This market is fairly equally mixed residential and commercial. Waste services is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst South Lake Union folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.