On average, listings lease in the $60's per square foot per year. The Newport Center submarket is seeing a a rise in rates. In the last 3 months, the median rate increased $67 per sqft per year.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 44 listings have come on the market, so you'll want to check back regularly for new listings. About 41% of the available leases in the Newport Center are subleases, so you might be able to snag a great spot on a short term. 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 3,090 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this market are approximately 7 stories. Most buildings in this area 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.