On average, listings lease in the $30's per square foot per year. The Newark region is experiencing a a rise in rates. In the last 3 months, the median rate rose $3 per sqft per year. That's a 12% increase in rent.
Compared to the rest of the Newark Metro market, the Newark region has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 12 listings have been made available, which means new availabilities might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 25% of the listings in the Newark 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 7,000 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are around 5 stories. Most buildings in this area were built in 1971 and are Class A.