On average, listings lease in the $30's per square foot per year. The Center City West submarket is seeing a decline 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 Philadelphia market, the Center City West submarket has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 158 listings have been made available, so you'll want to check back regularly for new listings. About 4% of the available leases in the Center City West are subleases, so you will probably have to focus your search on direct office leases. 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 5,640 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this area are around 23 stories. Most buildings in this area were built in 1969 and are Class A.
Manufacturing is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Center City West residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.