On average, listings lease in the $30's per square foot per year. The Journal Square submarket is going through a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 7% decline in rent.
Compared to the rest of the Jersey City market, the Journal Square submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 19 listings have been posted online, which means leases are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 7,470 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are approximately 2 floors. Most buildings in this area were built in 1987 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Finance and insurance are the dominant industries in this market. Commute by walking is the most popular way to get to work amongst Journal Square occupants. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.