The typical asking rate per listing is in the $20's per square foot per year. The Fairmount - Art Museum submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decline in rent.
Compared to the rest of the Philadelphia market, the Fairmount - Art Museum submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 7 listings have been listed, which means leases 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 22,430 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are approximately 12 floors. Most buildings in this area were built in 1937 and are Class A.