The typical asking rate per listing is in the $30's per square foot per year. The Rittenhouse Square submarket is seeing a a boost in rates. In the last 3 months, the median rate rose $10 per sqft per year. That's a 39% increase in rent.
Compared to the rest of the Philadelphia market, the Rittenhouse Square region has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 2 listings have been made available, which means spaces most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. 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 54,000 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this market are approximately 30 stories. Most buildings in this area were built in 1927 and are Class A.
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 area. Most of the residents of Rittenhouse Square work from home. Commuting around 15 minutes a day is the norm for those who opt to reside in this part of town.