On average, listings lease in the $20's per square foot per year. The Westlake submarket is seeing a decline in rates. In the last 3 months, the median rate fell $7 per sqft per year. That's a 18% decline in rent.
Compared to the rest of the Greater Portland market, the Westlake submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 3 listings have been listed, which means office spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 2,520 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this area were built in 1988 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Westlake folk. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.