Submarket Snapshot: Olympic Corridor’s office market in Q1 2016

Westside Towers 1185 West Olympic
The Westside Towers at 1185 West Olympic Boulevard in the Olympic Corridor

The Olympic Corridor’s office submarket saw the lowest vacancy in all of West Los Angeles in the first quarter, according to report by Transwestern.

The area saw only 2.9 percent total vacancy, compared to the 12 percent Westside average. Beverly Hills was the runner up for the title of lowest vacancy rate, with 8.6 percent, while West Hollywood saw the most, at 23.4 percent. 

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Rent averaged $3.46 a square foot a month in the Olympic Corridor, lower than the $4.52 West Los Angeles average.

The submarket saw negative absorption of 23,264 square feet. No construction was completed.