The Real Deal Los Angeles

Submarket Snapshot: South Park

February 12, 2016 05:00PM

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South Park negative

South Park saw negative absorption in the fourth quarter (credit: Colliers International)

Despite being a much-hyped neighborhood, Downtown’s South Park office submarket saw its vacancy rise in the fourth quarter. A total of 17.2 percent of its space was empty, up from 16 percent in the previous quarter, according to a report by Colliers International.

It also saw negative absorption of 37,500 feet in the fourth quarter and 183,500 square feet in 2015. 

The 11 buildings that make up the 3.3 million-square-foot submarket saw 65,000 square feet of leasing activity in the fourth quarter.

No construction was completed, but 78,500 square feet was underway.

Rents in South Park were slightly lower than rents in Downtown’s Financial District and Bunker Hill submarkets, at $2.88 a square foot a month ($34.63 a square foot a year).