On average, listings lease in the $40's per square foot per year. The Pike-Market submarket is going through a a boost in rates. In the last 3 months, the median rate went up $4 per sqft per year. That's a 11% rise in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Pike-Market region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 6 listings have been posted online, which means new listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 17% of the available space in the Pike-Market are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 2,620 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are close to 6 floors. Most buildings in this market were built in 1922 and are Class A.
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 walking is the most popular way to get to work amongst Pike-Market folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.