Submarket Snapshot: Downtown Long Beach

Los Angeles /
Jan.January 21, 2016 04:57 PM

The Downtown Long Beach submarket is still struggling, but it did a little better in the fourth quarter than it did in the third, according to a report by Colliers International.

Downtown Long Beach has 48 office buildings totaling almost 5 million square feet of office space. It’s vacancy rate was 19.7 percent in the fourth quarter, down slightly from 20.6 percent in the pervious quarter.

It’s doing slightly better than the South Bay market as a whole, which saw 20 percent vacancy in the fourth quarter.

The submarket saw 110,200 square feet of leasing activity and 48,400 square feet of net absorption.

There was no new office construction in the fourth quarter and none is underway. In fact, recently, office buildings in the submarket have been converted to residential buildings.

Rents in Downtown Long Beach were $2.31 a square foot a month in the fourth quarter, higher than the South Bay average of $2.31 but lower than the market’s star, the El Segundo and Beach Cities submarket, which saw rents at $2.96.

The biggest sale in the submarket in the fourth quarter was Ocean West Capital Partners acquisition of 100 West Broadway from Alder Realty Investments for $35.2 million, or $168 a square foot.

 

Related Articles

arrow_forward_ios
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Waterford’s John Drachman and Oceanaire at 150 W. Ocean Boulevard in Long Beach (Photos via Waterford and Oceanaire)
Waterford will convert 200-unit luxury rental complex to workforce housing
Waterford will convert 200-unit luxury rental complex to workforce housing
City Place Long Beach with Waterford’s John Drachman, Monument’s Benjamin Poirier and Turnbridge’s Michael Gazzano (RPALA Group, Linkedin)
Ownership trio takes over beleaguered shopping center in Long Beach
Ownership trio takes over beleaguered shopping center in Long Beach
Sheraton Pasadena and the Queen Mary (iStock)
Embattled REIT seeks to auction SoCal hotels, Queen Mary lease
Embattled REIT seeks to auction SoCal hotels, Queen Mary lease
Rendering of the RiverPark development (City of Long Beach)
Housing community proposed on former oil well water treatment site
Housing community proposed on former oil well water treatment site
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...