On average, listings lease in the $30's per square foot per year. The South Philadelphia submarket is experiencing a an increase in rates. In the last 3 months, the median rate rose $18 per sqft per year. That's a 90% increase in rent.
Compared to the rest of the Philadelphia market, the South Philadelphia region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 7 listings have been made available, which means new availabilities are probably leasing quickly. 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 6,490 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are around 4 floors. Most buildings in this region were built in 1930 and are Class B.