The typical asking rate per listing is in the $60's per square foot per year. The Newport Center submarket is going through a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 1% decrease in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 31 listings have been made available, which means listings are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 23% of the listings in the Newport Center 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 4,060 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are approximately 7 floors. Most buildings in this market were built in 1982 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this area. Commute by walking is the most popular way to get to work amongst Newport Center residents. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.