On average, listings lease in the $30's per square foot per year. The Pioneer Square submarket is going through a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 7% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Pioneer Square submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 12 listings have been listed, which means new listings most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 50% of the office spaces in the Pioneer Square are subleases, so you might be able to find a shorter term or below market rent. 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 3,440 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are approximately 6 floors. Most buildings in this market were built in 1904 and are Class A.
This region is fairly equally mixed residential and commercial. Waste services is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Pioneer Square folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.