On average, listings lease in the $70's per square foot per year. The Miracle Mile region is experiencing a an increase in rates. In the last 3 months, the median rate increased $6 per sqft per year. That's a 8% rise in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Miracle Mile submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 103 listings have come on the market, so you'll want to check back regularly for new listings. About 9% of the office spaces in the Miracle Mile are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 4,250 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are approximately 6 floors. Most buildings in this market were built in 1971 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Construction is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Miracle Mile folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Miracle Mile.
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