Submarket Snapshot: Mid-Wilshire

Los Angeles /
Feb.February 05, 2016 05:15 PM

The Mid-Wilshire office submarket saw its average total vacancy increase in the fourth quarter to 17.4 percent, up from 10.2 percent in the third quarter, according to a report by Colliers International.

The increase is owed in part to an uptick in new construction. There was 383,500 square feet of construction completed in the fourth quarter, and 915,000 square feet underway.

Mid-Wilshire’s 64 buildings totaling 10.2 million square feet saw 30,100 square feet of leasing activity and net absorption of 104,600 square feet in the fourth quarter.

Asking rents averaged $1.94 a square foot a month, even lower than the L.A. Basin average of $2.65.

Significant transactions in the submarket included Harridge Development Group’s acquisition of 3420 Wilshire Boulevard from Han Kook Property Management for $49 million. Harridge paid $333 a square foot for the potential development site.


Related Articles

arrow_forward_ios
Red Oak Investments' Alex Wong and A-1 Trailer Park (Google Maps, Red Oak)
Presto on PCH: apartment developer plans to make trailer park disappear
Presto on PCH: apartment developer plans to make trailer park disappear
The portion of land with renderings of proposed development (LoopNet)
6 percent of Bel Air on discount
6 percent of Bel Air on discount
600 East Broadway (SRS)
$43M price check at Vons supermarket in Long Beach
$43M price check at Vons supermarket in Long Beach
Lone Star Funds founder John Grayken and Westin LAX (Lone Star, Marriott)
Price revealed: Lone Star paid $71M for Westin LAX
Price revealed: Lone Star paid $71M for Westin LAX
CGI+ CEO Gidi Cohen and 5200 South J Street in Oxnard CA (CGI+, Google Maps)
CGI+ buys Ventura County apartment complex
CGI+ buys Ventura County apartment complex
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
Anti-drone specialist takes 100K sf warehouse in Torrance
Anti-drone specialist takes 100K sf warehouse in Torrance
Anti-drone specialist takes 100K sf warehouse in Torrance
67k sf warehouse in works for Pacoima
67k sf warehouse in works for Pacoima
67k sf warehouse in works for Pacoima
arrow_forward_ios

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

Loading...