On average, listings lease in the $40's per square foot per year. The University District region is going through a a boost in rates. In the last 3 months, the median rate increased $48 per sqft per year.
Compared to the rest of the Seattle Metropolitan Area market, the University District region has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 1 listings have been posted online, which means listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 400% of the available leases in the University District 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 11,140 sqft, there are still 0 leases below 2,000 sqft. Most properties in this area are approximately 5 floors. Most buildings in this area were built in 1981 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this region. Most of the folk of University District work from home. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.