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Submarket Snapshot: Retail in Downtown Los Angeles in Q2 2016
The 2.2 million square feet of retail in the Greater Downtown Los Angeles submarket saw 3.1 percent vacancy in the second quarter, according to a report by CBRE. It clocked in lower than the 5 percent Greater Los Angeles average.
However, the area saw negative absorption of 29,943 square feet. And there is a large quantity of retail space that will soon become available: a whopping 344,138 square feet is under construction.
Downtown’s under construction mega-projects contributed to that figure. Greenland’s 2.1 million-square-foot Metropolis project will have 70,000 square feet of retail, while Beijing developer Oceanwide’s $1 billion project, Oceanwide Plaza, will have more than 166,000 square feet of stores and restaurants.
Asking rent averaged $2.33 a square foot a month in the second quarter, lower than the $2.40 Greater Los Angeles average.