On average, listings lease in the $40's per square foot per year. The South Lake Union submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $29 per sqft per year. That's a 40% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the South Lake Union region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 11 listings have been listed, which means new availabilities most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 118% of the available space 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 posted, so finding a space for a small business might be tough.
Even though the median size is 6,530 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this area are approximately 6 floors. Most buildings in this area 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 market. Commute by walking is the most popular way to get to work amongst South Lake Union occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.