On average, listings lease in the $60's per square foot per year. The South Lake Union region is experiencing a a boost in rates. In the last 3 months, the median rate increased $21 per sqft per year. That's a 44% increase in rent.
Compared to the rest of the Seattle Metropolitan Area market, the South Lake Union submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 11 listings have come on the market, which means new listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 9% of the available leases in the South Lake Union are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 14,790 sqft, there are still 0 listings below 2,000 sqft. Most properties in this region are close to 6 floors. Most buildings in this market were built in 1982 and are Class A.
This market is fairly equally mixed residential and commercial. Waste services is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst South Lake Union residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.