The typical asking rate per listing is in the $60's per square foot per year. The Newport Center region is seeing a an increase in rates. In the last 3 months, the median rate went up $2 per sqft per year. That's a 4% rise in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 44 listings have been posted online, so you'll want to check back regularly for new listings. About 2% of the office spaces in the Newport Center are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,260 sqft. Most properties in this region are close to 7 stories. Most buildings in this region were built in 1981 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this region. 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.