On average, listings lease in the $10's per square foot per year. The Lake Biltmore Village submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Lake Biltmore Village submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 52 listings have come on the market, so you'll want to check back regularly for new listings. About 50% of the listings in the Lake Biltmore Village 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.
The standard measurement for office space in this area is around 1,140 sqft. Most buildings in this market are approximately 2 stories. Most buildings in this region were built in 1980 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Lake Biltmore Village residents. Commuting approximately 10 minutes a day is the norm for those who opt to reside in this part of town.