On average, listings lease in the $60's per square foot per year. The Miracle Mile region is going through a decrease in rates. In the last 3 months, the median rate fell $6 per sqft per year. That's a 8% decrease 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 region.
In the last 90 days, 103 listings have been listed, so you'll want to check back regularly for new listings. About 5% of the office spaces in the Miracle Mile are subleases, so you will probably have to focus your search on direct office leases. 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 3,370 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this market are around 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 region. Commute by walking is the most popular way to get to work amongst Miracle Mile occupants. 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.
Get email notifications when new listings are posted that match your requirements.