Most listings are in the $20's per square foot per year. The Avenue of the Arts South region is going through a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 6% decline in rent.
Compared to the rest of the Philadelphia market, the Avenue of the Arts South region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 20 listings have been listed, which means new listings are probably going fast. You'll want to be prepared to make an offer immediately. About 40% 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 spaces below 2,000 sqft. Most buildings in this region are approximately 17 stories. Most buildings in this area 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 market. Commute by bike is the most popular way to get to work amongst Avenue of the Arts South residents. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.