The typical asking rate per listing is in the $40's per square foot per year. The Pioneer Square region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Pioneer Square region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 7 listings have come on the market, which means new availabilities might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 186% of the available space in the Pioneer Square 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 posted, so finding a space for a small business might be tough.
Even though the median size is 2,720 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this region are around 6 stories. Most buildings in this market were built in 1904 and are Class B.
Waste services is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Pioneer Square residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.