On average, listings lease in the $30's per square foot per year. The South Park submarket is going through a decrease in rates. In the last 3 months, the median rate fell $9 per sqft per year. That's a 18% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the South Park submarket has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 51 listings have come on the market, so you'll want to check back regularly for new listings. About 6% of the available leases in the South Park are subleases, so you will probably have to focus your search on direct office leases. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 3,310 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are approximately 4 stories. Most buildings in this area were built in 1946 and are Class A.
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 South Park occupants. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.