On average, listings lease in the $20's per square foot per year. The University District region is seeing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 5% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the University District region has smaller rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 1 listings have been made available, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 750 sqft. Most properties in this market are approximately 5 stories. Most buildings in this market were built in 1973 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this area. Most of the residents of University District work from home. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.