Most listings are in the $20's per square foot per year. The Avenue of the Arts South submarket is seeing a a rise in rates. In the last 3 months, the median rate rose $0 per sqft per year. That's a 1% rise in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South region has smaller rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 18 listings have been posted online, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 33% of the available leases in the Avenue of the Arts South 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 2,700 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are close to 17 stories. Most buildings in this region 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 area. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South occupants. Commuting around an hour and a half a day is the norm for those who opt to reside in this part of town.