Most listings are in the $40's per square foot per year. The First Hill region is seeing a decrease in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 11% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the First Hill submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 5 listings have come on the market, which means new listings might be 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.
The standard measurement for office space in this area is around 1,300 sqft. Most buildings in this area are approximately 7 stories. Most buildings in this area were built in 1973 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this region. Commute by taxi is the most popular way to get to work amongst First Hill residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.