The typical asking rate per listing is in the $60's per square foot per year. The Newport Center region is going through a a boost in rates. In the last 3 months, the median rate rose $2 per sqft per year. That's a 3% rise in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 44 listings have come on the market, so you'll want to check back regularly for new listings. About 2% of the available leases in the Newport Center are subleases, so you will probably have to focus your search on direct office leases. 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 2,520 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are approximately 7 floors. Most buildings in this region were built in 1981 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 occupants. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.