On average, listings lease in the $30's per square foot per year. The Pearl submarket is seeing a a rise in rates. In the last 3 months, the median rate increased $2 per sqft per year. That's a 6% increase in rent.
Compared to the rest of the Greater Portland market, the Pearl region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 9 listings have been made available, which means spaces might be leasing quickly. You'll want to be prepared to make an offer immediately. About 11% of the available space in the Pearl 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 posted, so finding a space for a small business might be tough.
Even though the median size is 2,630 sqft, there are still 0 leases below 2,000 sqft. Most properties in this area are close to 8 stories. Most buildings in this region were built in 1978 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Waste services is the dominant industry in this region. Commute by motorcycle is the most popular way to get to work amongst Pearl occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.