On average, listings lease in the $60's per square foot per year. The Newport Center region is going through a a boost in rates. In the last 3 months, the median rate rose $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 need to make a great offer to be in this hot region.
In the last 90 days, 380 listings have come on the market, so you'll want to check back regularly for new listings. About 3% of the available space 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 properties in this region are close to 7 floors. Most buildings in this market were built in 1981 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this region. Commute by walking is the most popular way to get to work amongst Newport Center folk. Commuting around 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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