On average, listings lease in the $20's per square foot per year. The Newark Central Business District region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Newark Metro market, the Newark Central Business District submarket has less expensive rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 33 listings have been listed, which means new availabilities might be leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the available space in the Newark Central Business District are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 24,690 sqft, there are still 0 leases below 2,000 sqft. Most properties in this area are approximately 15 stories. 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 around 30 minutes a day is the norm for those who opt to reside in this part of town.