On average, listings lease in the $40's per square foot per year. The Newark submarket is going through a an increase in rates. In the last 3 months, the median rate rose $16 per sqft per year. That's a 57% rise in rent.
Compared to the rest of the Essex County market, the Newark submarket has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 29 listings have come on the market, which means leases are probably going fast. You'll want to be prepared to make an offer immediately. About 93% of the available space in the Newark are subleases, so you might be able to find a shorter term or below market rent. 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 4,600 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this market are approximately 5 floors. Most buildings in this market were built in 1971 and are Class A.