On average, listings lease in the $40's per square foot per year. The Historic Downtown submarket is seeing a decrease in rates. In the last 3 months, the median rate fell $32 per sqft per year. That's a 40% decline in rent.
Compared to the rest of the Jersey City market, the Historic Downtown region has more expensive rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 5 listings have come on the market, which means leases might be leasing quickly. You'll want to be prepared to make an offer immediately. About 40% of the listings 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 600 sqft. Most buildings in this area are approximately 19 stories. Most buildings in this market 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 area. Commute by public transit is the most popular way to get to work amongst Historic Downtown residents. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.