On average, listings lease in the $30's per square foot per year. The Five Oaks submarket is seeing a a rise in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 2% increase in rent.
Compared to the rest of the Greater Portland market, the Five Oaks submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 6 listings have been posted online, which means leases are probably leasing quickly. You'll want to be prepared to make an offer immediately. 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 2,590 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are approximately 2 floors. Most buildings in this market were built in 2001 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Information is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst Five Oaks occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.