On average, listings lease in the $30's per square foot per year. The Newark Central Business District region is going through a a boost in rates. In the last 3 months, the median rate increased $3 per sqft per year. That's a 12% rise in rent.
Compared to the rest of the Newark Metro market, the Newark Central Business District submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 26 listings have been posted online, which means new availabilities most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 12% of the available space in the Newark Central Business District are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 6,970 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this area are approximately 14 floors. Most buildings in this region were built in 1967 and are Class A.
Finance and insurance are the dominant industries in this area. Most of the residents of Newark Central Business District work from home. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.