The typical asking rate per listing is in the $30'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 rose $3 per sqft per year. That's a 12% increase in rent.
Compared to the rest of the Newark Metro market, the Newark Central Business District submarket has less expensive rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 26 listings have been posted online, which means spaces might be going fast. You'll want to be prepared to make an offer immediately. About 12% of the available leases in the Newark Central Business District 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.
Even though the median size is 6,970 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are approximately 14 floors. Most buildings in this area were built in 1967 and are Class A.
Finance and insurance are the dominant industries in this area. Most of the folk of Newark Central Business District work from home. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.