On average, listings lease in the $40's per square foot per year. The Westlake region is going through a a boost in rates. In the last 3 months, the median rate increased $44 per sqft per year.
Compared to the rest of the Seattle Metropolitan Area market, the Westlake submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 13 listings have been made available, which means leases might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 15% of the available space in the Westlake 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 available, so finding a space for a small business might be tough.
Even though the median size is 5,840 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are around 5 stories. Most buildings in this area were built in 1994 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Finance and insurance are the dominant industries in this region. Most of the occupants of Westlake work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.