On average, listings lease in the $40's per square foot per year. The Newark Central Business District submarket is experiencing a an increase in rates. In the last 3 months, the median rate went up $16 per sqft per year. That's a 57% rise in rent.
Compared to the rest of the Essex County market, the Newark Central Business District region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 28 listings have been made available, which means new availabilities might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 93% of the available leases in the Newark Central Business District 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 posted, so finding a space for a small business might be tough.
Even though the median size is 10,390 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are close to 15 floors. Most buildings in this market were built in 1967 and are Class A.
Finance and insurance are the dominant industries in this region. Most of the residents of Newark Central Business District work from home. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.