On average, listings lease in the $50's per square foot per year. The The Waterfront submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 7% decline in rent.
Compared to the rest of the Jersey City market, the The Waterfront region has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 20 listings have been made available, which means spaces might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 45% of the available leases in the The Waterfront 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.
Even though the median size is 46,190 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are around 14 stories. Most buildings in this region were built in 1992 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Wholesale trade is the dominant industry in this market. Most of the folk of The Waterfront work from home. Commuting around 20 minutes a day is the norm for those who opt to reside in this part of town.