The typical asking rate per listing is in the $20's per square foot per year. The Newark Central Business District region is experiencing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 5% decrease in rent.
Compared to the rest of the Newark Metro market, the Newark Central Business District region has smaller rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 33 listings have been listed, which means office spaces most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 3% of the office spaces in the Newark Central Business District are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 24,690 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are approximately 15 stories. Most buildings in this area 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 around 30 minutes a day is the norm for those who opt to reside in this part of town.