On average, listings lease in the $30's per square foot per year. The Playhouse District region is experiencing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 3% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Playhouse District submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 24 listings have been listed, which means new availabilities might be leasing quickly. You'll want to be prepared to make an offer immediately. About 17% of the available leases in the Playhouse District 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.
The standard measurement for office space in this area is around 1,510 sqft. Most properties in this area are close to 3 floors. Most buildings in this region were built in 1968 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 region. Commute by walking is the most popular way to get to work amongst Playhouse District folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.