The typical asking rate per listing is in the $40's per square foot per year. The First Hill region is going through a decline in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 8% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the First Hill submarket has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 4 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.
The standard measurement for office space in this area is around 1,300 sqft. Most buildings in this market are around 7 floors. Most buildings in this region 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 area. Commute by taxi is the most popular way to get to work amongst First Hill folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.