Most listings are in the $40's per square foot per year. The Newark Central Business District region is experiencing a a boost in rates. In the last 3 months, the median rate went up $43 per sqft per year.
Compared to the rest of the Essex County market, the Newark Central Business District region has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 28 listings have been made available, which means new availabilities might be leasing quickly. You'll want to be prepared to make an offer immediately. About 96% of the available space 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 available, so finding a space for a small business might be tough.
Even though the median size is 30,000 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are close to 15 floors. Most buildings in this market 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 approximately 30 minutes a day is the norm for those who opt to reside in this part of town.