On average, listings lease in the $40's per square foot per year. The Pike-Market submarket is going through a an increase in rates. In the last 3 months, the median rate went up $4 per sqft per year. That's a 11% increase in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Pike-Market submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 6 listings have been made available, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. About 17% of the available space in the Pike-Market are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 5,950 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this area are approximately 6 floors. Most buildings in this region were built in 1922 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Pike-Market occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.