Compared to the rest of the Metropolitan Los Angeles market, the Miracle Mile region has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 4 listings have been made available, which means leases are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 50% of the available leases in the Miracle Mile are subleases, so you might be able to find a shorter term or below market rent. 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 6,380 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this region are approximately 10 stories. 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 market. 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.