Submarket Snapshot: Bunker Hill’s office market in Q1 2016

One Bunker Hill
The One Bunker Hill building at 601 West Fifth Street

Bunker Hill’s high office vacancy streak continued in the first quarter of 2016.

The area saw 20.9 percent of its space sit vacant, well above the 17.5 percent average for Downtown Los Angeles, according to a new report by Transwestern.

However, the rate slightly improved from the fourth quarter of 2015, when it was reported at 22.5 percent.

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It also improved on the absorption front, going from negative absorption in the fourth quarter to 194,866 square feet of positive absorption in the first quarter.

Rent in Bunker Hill remained the highest in any Downtown submarket. It averaged $3.35 in the first quarter.

Bunker Hill has 7.8 million square feet of inventory and saw no construction in the first quarter.