The Real Deal Los Angeles

Submarket Snapshot: South Park in Q2 16

Area saw vacancy significantly lower than Downtown average

July 11, 2016 05:00PM
By Hannah Miet

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South Park

South Park

South Park’s 3.8 million-square-foot office submarket saw 13.6 percent vacancy in the second quarter, according to a report by Transwestern.

It fared much better than nearby Bunker Hill, which saw 20.6 percent vacancy, and the Financial Core, which saw 18.4 percent vacancy.

That could change, however, with an influx of inventory. There was 116,000 square feet of commercial space under construction in South Park during the second quarter.

The area saw 73,289 square feet of positive absorption.

Asking rents averaged $3.11 a square foot a month, lower than the $3.13 average for all Downtown Los Angeles submarkets.