On average, listings lease in the $30's per square foot per year. The Newark Central Business District submarket is seeing a a rise in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 12% rise in rent.
Compared to the rest of the Newark Metro market, the Newark Central Business District submarket has lower rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 26 listings have come on the market, which means office spaces are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 12% of the available leases in the Newark Central Business District 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 6,970 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are close to 14 floors. Most buildings in this area were built in 1967 and are Class A.
Finance and insurance are the dominant industries in this market. Most of the folk of Newark Central Business District work from home. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.