The typical asking rate per listing is in the $40's per square foot per year. The Newark submarket is going through a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 2% decline in rent.
Compared to the rest of the Essex County market, the Newark region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 612 listings have been made available, so you'll want to check back regularly for new listings. About 5% of the available space 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.
Even though the median size is 10,000 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this area are approximately 4 stories. Most buildings in this region were built in 1971 and are Class A.
Real time and historical data on commercial real estate listings in Newark.
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