The Real Deal Los Angeles

Submarket Snapshot: West Hollywood

Area only saw a marginal decrease in vacancy
By Hannah Miet | February 02, 2016 05:16PM

pacific design center weho

The Pacific Design Center’s Red Building in West Hollywood

The 30 buildings in West Hollywood’s office market saw 18 percent vacancy in the fourth quarter, a teensy decrease from 18.3 percent in the third, according to a report by Colliers International.

The submarket has 2.8 million square feet of office space, which saw 92,100 square feet of leasing activity.

Net absorption was low, but not negative: 8,500 square feet.

No new construction was completed in the fourth quarter but 64,000 square feet was underway.

The average asking rent was $4.20 a square foot a month, 15 cents higher than the Westside average for the quarter.