Most listings are 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 fell $2 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 23 listings have been posted online, which means new listings are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 4% of the available space in the Newport Center are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 2,600 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are approximately 7 floors. Most buildings in this area 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 around 30 minutes a day is the norm for those who opt to reside in this part of town.