Most listings are in the $20's per square foot per year. The Avenue of the Arts South submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $11 per sqft per year. That's a 34% decline in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South submarket has smaller rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 2 listings have been posted online, which means listings are probably going fast. You'll want to be prepared to make an offer immediately. About 50% of the listings in the Avenue of the Arts 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 14,090 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are close to 17 floors. Most buildings in this region were built in 1914 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South occupants. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.