Submarket Snapshot: DTLA’s Financial Core in Q2 2016

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
Renderings of the expansion, including the J.W. Marriott hotel (Saiful Bouquet)
Details of transformative LA Convention Center expansion emerge
Details of transformative LA Convention Center expansion emerge
Renderings of the Southern California Flower Mart and AIDS Healthcare Foundation CEO Michael Weinstein (Getty, Brooks + Scarpa)
Judge presses pause on SoCal Flower Market redevelopment
Judge presses pause on SoCal Flower Market redevelopment
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
Larry A. Silverstein with LA's US Bank Tower. (Getty, Silverstein)
Silverstein will pour $60M into US Bank Tower overhaul
Silverstein will pour $60M into US Bank Tower overhaul
Robert F. Maguire III (Getty)
Developer Robert Maguire, known for Downtown LA towers, dies at 86
Developer Robert Maguire, known for Downtown LA towers, dies at 86
Continuum Partners CEO Mark Falcone and the development site (Continuum, iStock, Google Maps)
Continuum Partners plans $2B megaproject to transform Arts District
Continuum Partners plans $2B megaproject to transform Arts District
Rendering of Figueroa Centre (right) with an aerial view of the vacant site at 911-927 South Figueroa Street (Google Maps, CallisonRTKL/Illustration by Kevin Rebong for The Real Deal)
A Genting scion’s plans for a DTLA supertall were quietly shelved. What happened?
A Genting scion’s plans for a DTLA supertall were quietly shelved. What happened?
Renderings of Omni's new project, along with the original Times Mirror Square building. (City of Los Angeles Department of City Planning, WikiMedia)
City approves Onni’s massive Times Mirror Square redevelopment
City approves Onni’s massive Times Mirror Square redevelopment
arrow_forward_ios

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

Loading...