On average, listings lease in the $40's per square foot per year. The Upper Eastside submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $7 per sqft per year. That's a 14% decrease in rent.
Compared to the rest of the Gold Coast market, the Upper Eastside region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 2 listings have come on the market, which means leases are probably leasing quickly. You'll want to be prepared to make an offer immediately. 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 920 sqft. Most properties in this region are close to 2 floors. Most buildings in this market were built in 1965 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Wholesale trade is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst Upper Eastside folk. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.