On average, listings lease in the $20's per square foot per year. The Newark Central Business District submarket is going through a decline in rates. In the last 3 months, the median rate decreased $16 per sqft per year. That's a 36% decrease in rent.
Compared to the rest of the Newark Metro market, the Newark Central Business District region has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 53 listings have been listed, so you'll want to check back regularly for new listings. About 2% of the available leases in the Newark Central Business District are subleases, so you will probably have to consider a longer term lease. 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 new listings below 2,000 sqft. Most buildings in this region are close to 15 stories. Most buildings in this region were built in 1967 and are Class A.
Finance and insurance are the dominant industries in this market. Most of the occupants of Newark Central Business District work from home. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.