The typical asking rate per listing is in the $60's per square foot per year. The Newport Center region is seeing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 1% decrease in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Newport Center region has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 17 listings have come on the market, which means listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 41% of the available leases in the Newport Center are subleases, so you might be able to snag a great spot on a short term. 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 5,260 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are around 7 stories. Most buildings in this area were built in 1982 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this area. Commute by walking is the most popular way to get to work amongst Newport Center residents. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.