Submarket Snapshot: Mid-Wilshire

With new construction completions, vacancy increases

TRD 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
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

Pink House Project, rendering of Hello Saturn, Boaz Miodovsky of Ketter, and Max Sharkansky of Trion Properties

Joint venture sees green in planned apartment complex at Mid-City pink houses site

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

arrow_forward_ios
Loading...