The typical asking rate per listing is in the $60's per square foot per year. The Newport Center submarket is going through a a boost in rates. In the last 3 months, the median rate went up $9 per sqft per year. That's a 16% increase in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 380 listings have been listed, so you'll want to check back regularly for new listings. About 3% of the available leases in the Newport Center are subleases, so you will probably have to focus your search on direct office leases. 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 2,030 sqft. Most buildings in this area are around 7 stories. Most buildings in this region were built in 1981 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this market. Commute by walking is the most popular way to get to work amongst Newport Center occupants. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Newport Center.
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