The typical asking rate per listing is in the $50's per square foot per year. The Newport Center region is experiencing a decrease in rates. In the last 3 months, the median rate fell $12 per sqft per year. That's a 18% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center region has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 44 listings have been posted online, so you'll want to check back regularly for new listings. About 7% of the available leases in the Newport Center are subleases, so you will probably have to focus your search on direct office leases. 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 3,140 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this region are approximately 7 stories. Most buildings in this market 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 occupants. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.