Most listings are in the $20's per square foot per year. The Avenue of the Arts South region is going through a decline in rates. In the last 3 months, the median rate fell $11 per sqft per year. That's a 34% decrease in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 2 listings have come on the market, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. About 50% of the listings in the Avenue of the Arts South are subleases, so you might be able to snag a great spot on a short term. 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 14,090 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are around 17 floors. Most buildings in this market were built in 1914 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 residents. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.