On average, listings lease in the $30's per square foot per year. The Pearl submarket is experiencing a an increase in rates. In the last 3 months, the median rate went up $2 per sqft per year. That's a 5% increase in rent.
Compared to the rest of the Greater Portland market, the Pearl region has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 10 listings have been made available, which means spaces might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 20% of the listings in the Pearl 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,100 sqft. Most buildings in this market are around 8 floors. 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 market. Commute by motorcycle is the most popular way to get to work amongst Pearl residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.