On average, listings lease in the $20's per square foot per year. The Newark Central Business District region is experiencing a a boost in rates. In the last 3 months, the median rate went up $29 per sqft per year.
Compared to the rest of the Essex County market, the Newark Central Business District submarket has lower rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 28 listings have come on the market, which means office spaces might be leasing quickly. You'll want to be prepared to make an offer immediately. About 71% of the office spaces 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 23,880 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region are approximately 15 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 occupants 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.