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 $4 per sqft per year. That's a 13% increase in rent.
Compared to the rest of the Greater Portland market, the Westlake region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 4 listings have been posted online, which means listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 25% of the available leases in the Westlake are subleases, so you might be able to snag a great spot on a short term. 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 21,060 sqft, there are still 0 new listings below 2,000 sqft. 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. Education is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Westlake residents. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.