The typical asking rate per listing is in the $10's per square foot per year. The First Hill submarket is going through a decline in rates. In the last 3 months, the median rate decreased $25 per sqft per year. That's a 61% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the First Hill submarket has lower rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 5 listings have come on the market, which means office spaces are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 2,830 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are approximately 7 stories. 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 market. Commute by taxi is the most popular way to get to work amongst First Hill occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.