On average, listings lease in the $60's per square foot per year. The Newport Center region is going through a decline in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 3% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 44 listings have been posted online, so you'll want to check back regularly for new listings. About 5% of the available space in the Newport Center are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,090 sqft. Most properties in this market are around 7 floors. Most buildings in this market were built in 1982 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 occupants. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.