On average, listings lease in the $50's per square foot per year. The South Park submarket is seeing a an increase in rates. In the last 3 months, the median rate rose $10 per sqft per year. That's a 22% rise in rent.
Compared to the rest of the Metropolitan Los Angeles market, the South Park submarket has more expensive 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 listed, which means leases most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 40% of the office spaces in the South Park are subleases, so you might be able to snag a great spot on a short term. 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 3,000 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are around 11 stories. Most buildings in this market 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 market. Commute by public transit is the most popular way to get to work amongst South Park residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.