On average, listings lease in the $60's per square foot per year. The Newport Center region is experiencing a decline in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center submarket has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 380 listings have been made available, so you'll want to check back regularly for new listings. About 3% of the listings in the Newport Center 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 measurement for office space in this area is around 2,420 sqft. Most buildings in this region are approximately 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 folk. Commuting approximately 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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