The typical asking rate per listing is in the $40's per square foot per year. The Newport Beach submarket is seeing a a rise in rates. In the last 3 months, the median rate rose $12 per sqft per year. That's a 32% rise in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Beach submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 54 listings have been listed, so you'll want to check back regularly for new listings. About 22% of the office spaces in the Newport Beach 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 2,510 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this area are close to 2 floors. Most buildings in this area were built in 1979 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Agriculture is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Newport Beach folk. Commuting approximately an hour and a half a day is the norm for those who opt to reside in this part of town.