Most listings are in the $50's per square foot per year. The Miracle Mile region is seeing a a rise in rates. In the last 3 months, the median rate went up $55 per sqft per year. That's a Inf% rise in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Miracle Mile region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 5 listings have been made available, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,670 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are close to 10 floors. Most buildings in this area 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 folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.