Most listings are in the $60's per square foot per year. The Pico region is experiencing a decline in rates. In the last 3 months, the median rate decreased $6 per sqft per year. That's a 9% decrease in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Pico region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 33 listings have come on the market, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 6% of the listings in the Pico are subleases, so you will probably need to sign a longer term lease with the landlord directly. 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 spaces below 2,000 sqft. Most properties in this market are approximately 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 region. 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.