Submarket Snapshot: Financial District
Downtown L.A.’s Financial District saw 16.8 percent total vacancy in the fourth quarter, down from 17.5 percent in the third, according to a report by Colliers International.
The district has 36 buildings and 18.4 million square feet of office space, the most out of any Downtown submarket by a wide margin. Those buildings saw 344,000 square feet of leasing activity in the fourth quarter, beating out all other Downtown submarkets.
It also saw the most positive net absorption. Even though the number wasn’t very high, at 120,000 square feet, it fared much better than Bunker Hill and South Park, which saw negative absorption.
No construction was completed in the Financial District in the fourth quarter but 356,100 square feet was underway.
The average asking rent was $3.19 a square foot a month.