Most listings are in the $60's per square foot per year. The Pico region is seeing a decline in rates. In the last 3 months, the median rate decreased $6 per sqft per year. That's a 9% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Pico region has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 33 listings have come on the market, which means new availabilities most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 6% of the available space in the Pico are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 3,350 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are around 2 floors. Most buildings in this market were built in 1981 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Pico folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.