Most listings are in the $30's per square foot per year. The Sommerset West - Elmonica North region is experiencing a an increase in rates. In the last 3 months, the median rate increased $31 per sqft per year.
Compared to the rest of the Greater Portland market, the Sommerset West - Elmonica North region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 2 listings have come on the market, which means new availabilities 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 available, so finding a space for a small business might be tough.
Even though the median size is 17,960 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are approximately 1 stories. Most buildings in this area were built in 1988 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this region. Most of the occupants of Sommerset West - Elmonica North work from home. Commuting around an hour a day is the norm for those who opt to reside in this part of town.