On average, listings lease in the $50's per square foot per year. The Newport Center submarket is experiencing a decline in rates. In the last 3 months, the median rate fell $12 per sqft per year. That's a 18% 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 pay a premium to be in this hot submarket.
In the last 90 days, 44 listings have been listed, so you'll want to check back regularly for new listings. About 7% of the available leases in the Newport Center are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 3,140 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this area are around 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 occupants. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.