On average, listings lease in the $40's per square foot per year. The Newark Central Business District submarket is going through a a rise in rates. In the last 3 months, the median rate went up $16 per sqft per year. That's a 57% rise in rent.
Compared to the rest of the Essex County market, the Newark Central Business District region has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 28 listings have been listed, which means spaces most likley are going fast. You'll want to be prepared to make an offer immediately. About 79% of the available leases 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 available, so finding a space for a small business might be tough.
Even though the median size is 4,990 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this area are around 15 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 around 30 minutes a day is the norm for those who opt to reside in this part of town.