On average, listings lease in the $30's per square foot per year. The Newport region is going through a decrease in rates. In the last 3 months, the median rate decreased $9 per sqft per year. That's a 23% decline in rent.
Compared to the rest of the Seattle Metropolitan Area market, the Newport submarket has lower rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 4 listings have come on the market, which means office spaces might be going fast. You'll want to be prepared to tour spaces as quick as possible. 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 2,610 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are approximately 2 floors. Most buildings in this area were built in 1983 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Newport occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.