On average, listings lease in the $30's per square foot per year. The Pioneer Square submarket is seeing a decline in rates. In the last 3 months, the median rate fell $8 per sqft per year. That's a 18% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Pioneer Square region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 18 listings have been listed, which means new availabilities are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 39% of the available leases 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 available, so finding a space for a small business might be tough.
Even though the median size is 4,762 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are approximately 6 floors. Most buildings in this market were built in 1904 and are Class B.
This area is fairly equally mixed residential and commercial. Waste services is the dominant industry in this market. 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.