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The typical asking rate per commerial real estate listing leases is in the $20's per square foot per year. The Newark submarket is experiencing a decrease in rates. In the last 3 months, the median rate for lease decreased $13 per sqft per year.
Compared to the rest of the Essex County commercial real estate market, the Newark submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 612 commercial real estate listings have been listed, so you'll want to check back regularly for new listings. About 1% of the available commercial real estate leases in the Newark are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard size for office space in this area is around 550 sqft. Most buildings in this area are around 4 stories. Most buildings in this market were built around 1971 and are Class A.
Real time and historical data on commercial real estate listings in Newark.
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