On average, listings lease in the $30's per square foot per year. The Newark Central Business District submarket is going through a a boost in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 12% increase in rent.
Compared to the rest of the Newark Metro market, the Newark Central Business District submarket has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 11 listings have been listed, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 27% of the available leases in the Newark Central Business District are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 10,000 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this market are close to 14 floors. Most buildings in this region were built in 1967 and are Class A.
Finance and insurance are the dominant industries in this area. Most of the residents 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.