Submarket Snapshot: Westwood

Area sees higher asking rents despite negative absorption

Jan.January 29, 2016 04:45 PM

The Westside’s Westwood submarket saw both higher asking rents and negative absorption in the fourth quarter.

Its asking rents increased almost 2 percent to $4.61 a square foot a month, according to a report by Newmark Grubb Knight Frank. However, they are still 20.8 percent lower than the submarket’s 2008 peak.

Net absorption totaled negative 16,116 square feet, which increased vacancy 50 basis points to 15.7 percent.

Despite the fourth quarter’s net occupancy loss, the vacancy rate closed the year 170 basis points lower than year-end 2014.

Westwood’s priciest sale of both the fourth quarter and of 2015 was UCLA’s purchase of 10889 Wilshire Boulevard from Occidental Petroleum Corporation for $92.5 million, or $200 a square foot.

There is 3.1 million square feet of office space in Westwood. No office construction projects were completed or started in the fourth quarter.

Related Articles

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando