On average, listings lease in the $30's per square foot per year. The Center City West region is experiencing a an increase in rates. In the last 3 months, the median rate increased $1 per sqft per year. That's a 4% rise in rent.
Compared to the rest of the Philadelphia market, the Center City West region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 154 listings have come on the market, so you'll want to check back regularly for new listings. About 28% of the available leases in the Center City West are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 12,980 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this market are close to 23 stories. Most buildings in this market were built in 1970 and are Class A.
Manufacturing is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Center City West occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.