Submarket Snapshot: South Park

Los Angeles /
Feb.February 12, 2016 05:00 PM

Despite being a much-hyped neighborhood, Downtown’s South Park office submarket saw its vacancy rise in the fourth quarter. A total of 17.2 percent of its space was empty, up from 16 percent in the previous quarter, according to a report by Colliers International.

It also saw negative absorption of 37,500 feet in the fourth quarter and 183,500 square feet in 2015. 

The 11 buildings that make up the 3.3 million-square-foot submarket saw 65,000 square feet of leasing activity in the fourth quarter.

No construction was completed, but 78,500 square feet was underway.

Rents in South Park were slightly lower than rents in Downtown’s Financial District and Bunker Hill submarkets, at $2.88 a square foot a month ($34.63 a square foot a year).


Related Articles

arrow_forward_ios
1101 Flower Street in L.A. with  Tony Lombardo of Lendlease and Zhang Xifang of Oceanwide. Xifang reportedly resigned in July 2021. (Google Maps, Lendlease, Oceanwide)
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
The Boyd Street fire in May, 2020 (Getty)
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
Hilton President and CEO Christopher J. Nassetta, Related Companies CEO Jeff T. Blau and a rendering of the project (Related, Getty)
Hilton’s Conrad brand to operate hotel at Related’s DTLA megaproject
Hilton’s Conrad brand to operate hotel at Related’s DTLA megaproject
Renderings for the initial proposal (Los Angeles City Planning)
Domyan Group downsizes plans for DTLA hotel
Domyan Group downsizes plans for DTLA hotel
The lawsuit alleges that the property manager was a serial sexual harasser, frequently making unwelcome advances and surprise visits to female tenants’ homes and offering rent discounts in exchange for sex (DOJ, Getty)
Feds settle sexual harassment case with LA property manager, owner
Feds settle sexual harassment case with LA property manager, owner
Renderings of the expansion, including the J.W. Marriott hotel (Saiful Bouquet)
Details of transformative LA Convention Center expansion emerge
Details of transformative LA Convention Center expansion emerge
Renderings of the Southern California Flower Mart and AIDS Healthcare Foundation CEO Michael Weinstein (Getty, Brooks + Scarpa)
Judge presses pause on SoCal Flower Market redevelopment
Judge presses pause on SoCal Flower Market redevelopment
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
arrow_forward_ios

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

Loading...