On average, listings lease in the $70's per square foot per year. The Miracle Mile region is going through a a boost in rates. In the last 3 months, the median rate increased $6 per sqft per year. That's a 8% rise in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Miracle Mile submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 4 listings have come on the market, which means new availabilities might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 50% of the office spaces in the Miracle Mile are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 3,550 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are close to 10 floors. Most buildings in this region 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 folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.