On average, listings lease in the $30's per square foot per year. The Rittenhouse Square submarket is seeing a a boost in rates. In the last 3 months, the median rate went up $5 per sqft per year. That's a 21% rise in rent.
Compared to the rest of the Philadelphia market, the Rittenhouse Square submarket has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 5 listings have come on the market, which means listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,280 sqft. Most properties in this market are close to 30 stories. Most buildings in this region were built in 1927 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Waste services is the dominant industry in this market. Most of the residents of Rittenhouse Square work from home. Commuting close to 15 minutes a day is the norm for those who opt to reside in this part of town.