On average, listings lease in the $40's per square foot per year. The Newark submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the Essex County market, the Newark submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 612 listings have been made available, so you'll want to check back regularly for new listings. About 7% of the listings in the Newark 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 posted, so finding a space for a small business might be tough.
Even though the median size is 10,000 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are around 4 floors. Most buildings in this area were built in 1971 and are Class A.
Real time and historical data on commercial real estate listings in Newark.
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