The Real Deal Los Angeles

Submarket Snapshot: South Park’s office market in Q1 2016

Area has 176,588 sf under construction
By Hannah Miet | April 19, 2016 05:07PM

South Park

South Park

In the first quarter of 2016, DTLA’s South Park office submarket saw 15.5 percent vacancy, according to a report by Transwestern.

Its vacancy rate was lower than the 17 percent average for the Downtown market and significantly lower than Bunker Hill‘s 20.9 percent.

The Downtown market, as calculated in the report, includes four office submarkets: Bunker Hill, Financial Core, South Park and Greater Downtown. South Park is the second-biggest in terms of inventory, with 3.8 million square feet of office space. The largest is the Financial Core, which has 18.1 million square feet.

First quarter office rent in South Park averaged $2.81, higher than the Downtown average of $3.13.

The area saw negative absorption of 27,671 square feet and had 176,588 square feet of space under construction at the close of the quarter.