The typical asking rate per listing is in the $60's per square foot per year. The Greater Wilshire region is experiencing a decrease in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 4% decrease in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Greater Wilshire submarket has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 5 listings have come on the market, which means new availabilities are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 20% of the listings in the Greater Wilshire 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 5,390 sqft, there are still 0 office spaces below 2,000 sqft. Most buildings in this market are approximately 5 floors. Most buildings in this area were built in 1961 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Greater Wilshire residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.