The typical asking rate per listing is in the $40's per square foot per year. The Newark Central Business District region is seeing a an increase in rates. In the last 3 months, the median rate rose $3 per sqft per year. That's a 6% rise in rent.
Compared to the rest of the Essex County market, the Newark Central Business District region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 28 listings have been posted online, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 107% 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 7,860 sqft, there are still 0 leases below 2,000 sqft. Most properties 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 region. Most of the occupants 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.