On average, listings lease in the $30's per square foot per year. The Newark Central Business District submarket is seeing a a rise in rates. In the last 3 months, the median rate rose $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 greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 9 listings have been made available, which means spaces might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 33% of the listings 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 9,350 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are close to 14 floors. Most buildings in this market were built in 1967 and are Class A.
Finance and insurance are the dominant industries in this market. Most of the occupants of Newark Central Business District work from home. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.