Most listings are in the $40's per square foot per year. The South Lake Union submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $26 per sqft per year. That's a 38% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the South Lake Union submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 11 listings have come on the market, which means office spaces are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 91% of the available leases in the South Lake Union 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 18,000 sqft, there are still 0 listings below 2,000 sqft. Most properties in this area are close to 6 stories. Most buildings in this market were built in 1990 and are Class A.
This market is fairly equally mixed residential and commercial. Waste services is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst South Lake Union folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.