Submarket Snapshot: DTLA’s Financial Core in Q2 2016

Area saw negative absorption, high vacancy

TRD LOS ANGELES /
Jul.July 06, 2016 05:00 PM

Downtown’s 18.1 million-square-foot Financial Core submarket had a rough second quarter.

The area saw negative absorption of 238,205 square feet, and 18.4 percent of its space was vacant, according to report by Transwestern.

The Financial Core, which is the largest Downtown office submarket by a landslide, saw higher vacancy than the 17.9 percent average for all Downtown submarkets combined. Its vacancy rate was also higher than the L.A. Metro average of 15.3 percent.

Asking rent averaged $3.09 a square foot a month, lower than the $3.13 Downtown average and the $4.63 Westside average. The L.A. Metro area averaged $3.12.

The submarket is about to get a lot bigger, with 356,141 square feet of office space under construction, thanks to Korean Air’s Wilshire Grand tower, which is slowly rising toward completion as the tallest skyscraper West of the Mississippi.


Related Articles

arrow_forward_ios
From left: Council President Nury Martinez, Councilmember Jose Huizar, and Mayor Eric Garcetti (Credit: Jerod Harris/Getty Images, and Twitter)

“Greed, corruption, and deception”: City’s top pols want Huizar out

“Greed, corruption, and deception”: City’s top pols want Huizar out
Onni Group’s Rossano DeCotiis and a rendering of the project

Onni Group must redesign Times Mirror Square project, but the clock is ticking

Onni Group must redesign Times Mirror Square project, but the clock is ticking
Smoke Tokes was one business that burned over the weekend (Credit: APU GOMES/AFP via Getty Images)

Federal investigators probe large fire at cannabis products warehouse

Federal investigators probe large fire at cannabis products warehouse
City National Plaza, CommonWealth CEO Brett Munger Calpers CEO Marcie Frost

CalPERS venture snags $550M refi on City National Plaza tower

CalPERS venture snags $550M refi on City National Plaza tower
AEG CEO Dan Beckerman (Credit: Shaun Clark/Getty Images)

AEG plans 160-key hotel next to its DTLA headquarters

AEG plans 160-key hotel next to its DTLA headquarters
LA City Hall

DTLA resi project at center of bribery probe: report

DTLA resi project at center of bribery probe: report
Crown Group’s head of U.S. development, Patrick Caruso and a new rendering of the project (Credit: Koichi Takada Architects/LA Times)

Crown Group makes dramatic changes to $500M DTLA project

Crown Group makes dramatic changes to $500M DTLA project
Skid Row Housing Trust CEO Lee Raagas and a rendering of the project (Credit: Michael Maltzan Architecture via Urbanize)

Skid Row Housing Trust, Michael Maltzan Architecture plan mass-timber housing tower

Skid Row Housing Trust, Michael Maltzan Architecture plan mass-timber housing tower
arrow_forward_ios

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

Loading...