The typical asking rate per listing is in the $30's per square foot per year. The Avenue of the Arts South submarket is experiencing a an increase in rates. In the last 3 months, the median rate increased $2 per sqft per year. That's a 6% rise in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South submarket has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 20 listings have been posted online, which means spaces most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 15% of the office spaces in the Avenue of the Arts South 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 4,000 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are approximately 17 floors. Most buildings in this region were built in 1916 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South folk. Commuting around an hour and a half a day is the norm for those who opt to reside in this part of town.