The typical asking rate per listing is in the $30's per square foot per year. The Westlake region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the Greater Portland market, the Westlake region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 6 listings have come on the market, which means new listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market were built in 1988 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Westlake occupants. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.