On average, listings lease in the $40's per square foot per year. The Newport Beach region is experiencing a decline in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Beach region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 89 listings have been listed, so you'll want to check back regularly for new listings. About 9% of the available leases in the Newport Beach are subleases, so you will probably have to consider a longer term lease. 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 2,610 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are close to 3 floors. Most buildings in this market were built in 1980 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Newport Beach residents. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.