On average, listings lease in the $20's per square foot per year. The Sommerset West - Elmonica South 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% decline in rent.
Compared to the rest of the Greater Portland market, the Sommerset West - Elmonica South region has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 8 listings have been posted online, which means leases might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 25% of the available space in the Sommerset West - Elmonica South 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.
Even though the median size is 3,110 sqft, there are still 0 leases below 2,000 sqft. Most properties in this area are close to 2 stories. Most buildings in this market were built in 1999 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 area. Commute by taxi is the most popular way to get to work amongst Sommerset West - Elmonica South occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.