DOWNTOWN LOS ANGELES
Arts District, Chinatown, Civic Center, Fashion District, Financial District, Little Tokyo, Historic Downtown LA, South Park, and more.
Rent Rate (sf/mo)
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q1 - 2021
- Q1 - 2022
- Q1 - 2023
Leasing Market Overview
MEASURING Q1 2023Vacancy rates in Downtown Los Angeles are currently at 8.3%, which is higher than the retail market average of 5.3%. Over the past 12 months, there was a net absorption of -310,000 SF, indicating a challenging time for the retail market.
However, a handful of tenants have still managed to sign leases in recent months, including Silverback Coffee, which leased 6,800 SF at the 400 S Hope office building on Bunker Hill in November. Star BBQ committed to 7,000 SF at 750 S Broadway in the Historic Core, backfilling the space previously occupied by Los Angeles Biergarten in May 2022.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Jan-23 | Feb-23 | 727 W. 7th St | 4,300 | 5 | 9 | Colliers |
| 2 | Jan-23 | Feb-23 | 1329-1333 Santee St | 1,500 | 1.6 | 0 | Lux Equities, LLC |
| 3 | Jan-23 | Feb-23 | 257-263 S. Spring St | 5,594 | 2.5 | 27 | Kennedy-Wilson Properties, Ltd. |
| 4 | Feb-23 | Mar-23 | 908 Santee St | 1,600 | 2.5 | 1 | South Park Group, Inc. |
| 5 | Feb-23 | Mar-23 | 1200 S. Grand Ave. | 1,971 | 4 | 37 | Kennedy-Wilson Properties, Ltd. |
| 6 | Feb-23 | Mar-23 | 1100 S. Hill St. | 5,812 | 3.5 | 26 | Elevate Retail Group |
| 7 | Feb-23 | Mar-23 | 951 Crocker St | 1,500 | 1.47 | 9 | realestatela.com |
| 8 | Mar-23 | Apr-23 | 1325-1355 Palmetto St | 3,160 | 3.57 | 14 | Union Cowork |
| 9 | Mar-23 | Apr-23 | 255 S. Santa Fe Ave | 5,377 | 2.75 | 9 | Figure 8 Realty |
| 10 | Mar-23 | Apr-23 | 406-414 Pico Blvd | 3,205 | 2.5 | 4 | Royal Real Estate |
SOURCE: CoStar