On average, listings lease in the $40's per square foot per year. The Newport submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Jersey City market, the Newport submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 5 listings have come on the market, which means new listings might be going fast. You'll want to be prepared to make an offer immediately. About 20% of the available space in the Newport 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 11,800 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this market are around 19 floors. Most buildings in this region were built in 1992 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this region. Commute by car is the most popular way to get to work amongst Newport occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.