Submarket Snapshot: South Park in Q2 16

Area saw vacancy significantly lower than Downtown average

Jul.July 11, 2016 05:00 PM

South Park’s 3.8 million-square-foot office submarket saw 13.6 percent vacancy in the second quarter, according to a report by Transwestern.

It fared much better than nearby Bunker Hill, which saw 20.6 percent vacancy, and the Financial Core, which saw 18.4 percent vacancy.

That could change, however, with an influx of inventory. There was 116,000 square feet of commercial space under construction in South Park during the second quarter.

The area saw 73,289 square feet of positive absorption.

Asking rents averaged $3.11 a square foot a month, lower than the $3.13 average for all Downtown Los Angeles submarkets.

Related Articles

Rendering of 1400 South Flower Street (Credit: DLANC)

Shovel-ready in DTLA: Multifamily developer seeks $20M for construction site

Rod Richerson, Western regional president for KBS and Union Bank Plaza

Union Bank Plaza’s $20M makeover starts years after KBS failed to sell the building

John Westerfield is CEO of MFA and a rendering 8th & Fig (Credit: DLANC)

Mitsui Fudosan’s 438-unit tower project advances past appeals

Holland Partner Group’s 2 luxury towers add 575 units to DTLA

City seeks developer for planned DTLA tower to replace Parker Center

Hotel-apartment complex would rise by LA Convention Center transformation

A 66-story tower in the pipeline could become LA’s third-tallest building

City Century’s $1B Olympia project clears LA Planning Commission