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 $2 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center region has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 26 listings have been made available, which means leases most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 4% 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.
Even though the median size is 3,180 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this region are approximately 7 stories. Most buildings in this market were built in 1982 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this area. Commute by walking is the most popular way to get to work amongst Newport Center residents. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.