Most listings are in the $50's per square foot per year. The Greater Wilshire submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $6 per sqft per year. That's a 10% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Greater Wilshire submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 16 listings have been made available, which means leases might be going fast. You'll want to be prepared to make an offer immediately. About 13% of the available space in the Greater Wilshire are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,440 sqft. Most properties in this region are approximately 5 floors. Most buildings in this market were built in 1961 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Greater Wilshire occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.