On average, listings lease in the $40's per square foot per year. The Capitol Hill submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 11% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Capitol Hill region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 10 listings have been posted online, which means new listings are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 10% of the listings in the Capitol Hill are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 930 sqft. Most properties in this area are approximately 4 stories. Most buildings in this area were built in 1922 and are Class B.
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 market. Commute by car is the most popular way to get to work amongst Capitol Hill occupants. Commuting close to an hour and a half a day is the norm for those who opt to reside in this part of town.