On average, listings lease in the $30's per square foot per year. The Westlake submarket is seeing a an increase in rates. In the last 3 months, the median rate rose $1 per sqft per year. That's a 2% increase in rent.
Compared to the rest of the Greater Portland market, the Westlake submarket has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 3 listings have been posted online, which means leases might be going fast. 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.
Even though the median size is 4,170 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region 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. Education is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Westlake occupants. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.