On average, listings lease in the $30's per square foot per year. The Wilshire Center - Koreatown submarket is going through a decrease in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 9% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Wilshire Center - Koreatown submarket has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 7 listings have been listed, which means listings might be going fast. You'll want to be prepared to make an offer immediately. About 29% of the listings in the Wilshire Center - Koreatown 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 3,300 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this area are close to 12 stories. Most buildings in this market were built in 1960 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Arts, entertainment, and restaurants are the dominant industries in this market. Commute by motorcycle is the most popular way to get to work amongst Wilshire Center - Koreatown folk. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.