The typical asking rate per listing is in the $60's per square foot per year. The South Lake Union region is seeing a an increase in rates. In the last 3 months, the median rate rose $66 per sqft per year.
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, 6 listings have been posted online, which means leases are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 17% of the available leases in the South Lake Union are subleases, so you might be able to find a shorter term or below market rent. 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 13,770 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this market are close to 6 floors. Most buildings in this market were built in 1984 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.