The typical asking rate per listing is in the $30's per square foot per year. The Historic Downtown region is experiencing a decline in rates. In the last 3 months, the median rate decreased $16 per sqft per year. That's a 33% decrease in rent.
Compared to the rest of the Jersey City market, the Historic Downtown submarket has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 4 listings have been listed, which means leases might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 25% of the available space in the Historic Downtown are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,800 sqft. Most properties in this region are close to 19 stories. Most buildings in this region were built in 1980 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this region. Commute by public transit is the most popular way to get to work amongst Historic Downtown occupants. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.