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
Susan Phillips, a professor of environmental analysis and director of Pitzer College’s Robert Redford Conservancy for Southern California Sustainability and San Bernardino County Supervisor Curt Hagman with warehouses in San Bernardino county
IE warehouse boom generates call for building moratorium
IE warehouse boom generates call for building moratorium
Michael Anthony Group's Michael Biller with the Golden Shore project
Long Beach’s Golden Shore megaproject goes on sale
Long Beach’s Golden Shore megaproject goes on sale
Oaktree’s  Howard Marks with 444 S. Flower Street (Oaktree, Getty)
Coretrust loses DTLA tower to Oaktree in foreclosure
Coretrust loses DTLA tower to Oaktree in foreclosure
Tova Capital's Zach Boren along with 205-233 East Anaheim Street in Long Beach (Getty, Tova Capital, Google Maps)
Tova Capital buys 35K sf shopping center in Long Beach for $6.2M
Tova Capital buys 35K sf shopping center in Long Beach for $6.2M
HFH's William Allen, 217 S Barranca Street, West Covina
Family office pays $38M for West Covina apartments
Family office pays $38M for West Covina apartments
Holos Communities' Cristian Ahumada, Jamboree Housing's Laura Archuleta
Long Beach loans developers $6.1M for affordable apartments
Long Beach loans developers $6.1M for affordable apartments
Compass' Scott Tamkin with Senderos Canyon
263-acre Bel-Air canyon up for auction with $39M starting bid
263-acre Bel-Air canyon up for auction with $39M starting bid
RBM's Hiro Kobayashi with 11264 La Grange Avenue
RBM buys film company HQ in Sawtelle for undisclosed price
RBM buys film company HQ in Sawtelle for undisclosed price
arrow_forward_ios

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

Loading...