Submarket Snapshot: Bunker Hill in Q2 16

One Bunker Hill
The One Bunker Hill building at 601 West Fifth Street

Bunker Hill’s 7.8 million-square-foot office market continued to struggle in the second quarter, with the highest vacancy rate of the Downtown Los Angeles submarkets.

The area had 20.6 percent total office vacancy, compared to 17.9 percent in DTLA as a whole.

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Bunker Hill saw some new leasing, however, with net absorption of 29,104 square feet. It has seen 223,970 square feet of absorption in the year to date.

While high vacancy is an old story in Bunker Hill, landlords don’t seem to be adjusting rents accordingly. It continued to be the most expensive submarket in the second quarter. Rent averaged $3.28 a square foot a month, compared with the DTLA average of $3.13.