On average, listings lease in the $60's per square foot per year. The South Lake Union submarket is experiencing a a rise in rates. In the last 3 months, the median rate increased $66 per sqft per year.
Compared to the rest of the Seattle Metropolitan Area market, the South Lake Union region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 3 listings have been listed, which means spaces most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 33% of the available space in the South Lake Union are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 14,000 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this area are around 6 stories. Most buildings in this area were built in 1984 and are Class A.
This area is fairly equally mixed residential and commercial. Waste services is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst South Lake Union residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.