The typical asking rate per listing is in the $30's per square foot per year. The Avenue of the Arts South submarket is going through a a rise in rates. In the last 3 months, the median rate went up $2 per sqft per year. That's a 6% rise in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South region has lower rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 20 listings have been listed, which means new listings might be going fast. You'll want to be prepared to make an offer immediately. About 15% of the available leases in the Avenue of the Arts South 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 available, so finding a space for a small business might be tough.
Even though the median size is 4,000 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this market are approximately 17 stories. Most buildings in this region were built in 1916 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 around an hour and a half a day is the norm for those who opt to reside in this part of town.