Submarket Snapshot: Greater DTLA office market in Q1 2016

Greater Downtown, a submarket that includes the Arts District, saw the lowest vacancy and the lowest rents out of all the Downtown submarkets in the first quarter of 2016, according to a report by Transwestern.

The 2.4 million-square-foot office market saw 12.5 percent vacancy in Q1, compared to 20.9 percent in Bunker Hill, 17 percent in the Financial Core and 15.5 percent in South Park.

It also had the lowest average rent, at $2.75 a square foot a month, significantly lower than Downtown’s priciest submarket, Bunker Hill, which clocked in at $3.35.

Greater Downtown saw 67,978 square feet of positive absorption.

There was 790,854 square feet of office space under construction. This included the Arts District’s Ford Factory building at 2060 East Seventh Street, a 254,000-square-foot creative conversion by Shorenstein Properties.