The Real Deal Los Angeles

Submarket Snapshot: Miracle Mile

Area saw minimal net absorption in fourth quarter

February 11, 2016 05:20PM
By Hannah Miet

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Miracle Mile vacancy rates Colliers

Vacancy rates on the Westside (credit: Colliers International)

Once a stealth office market, the Miracle Mile is not seeing a lot of new tenants lately.

The 5.3 million-square-foot submarket saw 90,600 square feet of leasing action in the fourth quarter, but it only saw 8,700 square feet of net absorption, according to a report by Colliers International.

The vacancy rate in the Miracle Mile was 12.9 percent, down slightly from 13.1 percent in the third quarter. Still, it was higher than the Westside average of 12.2 percent.

Asking rents averaged $3.79 a square foot a month, lower than the $4.05 Westside average.

There was no construction started or completed in the fourth quarter.