On average, listings lease 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 decreased $2 per sqft per year. That's a 3% decline 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 been listed, so you'll want to check back regularly for new listings. About 5% 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,090 sqft. Most buildings in this region are approximately 7 floors. Most buildings in this market were built in 1982 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this region. 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.