Class A Office Leasing:
The 6.5 million square feet of office in the Beverly Hills submarket saw an 11.2 percent vacancy in the third quarter, according to research provided by the Costar Group. It checked in slightly above the 10.6 percent Greater Los Angeles office vacancy average.
Beverly Hills Class A Office Leasing Forecast. Source: Costar Group
The area has seen negative absorption of 148,581 square feet year-to-date. Asking rents averaged $5.25 per square foot a month in the third quarter, significantly higher than the $2.95 Greater Los Angeles Class A office average.
Beverly Hills Office Leasing Broker Insight:
Brent Bissell
“Negative absorption in the Beverly Hills submarket overall does not tell the whole picture. In particular, the Beverly Hills Triangle is stronger than ever and rents continue to push the envelope.”
About the broker: Brent Bissell secializes in both Tenant and Landlord Representation for office properties throughout West Los Angeles. He currently represents the office building for lease at 9350 Wilshire Blvd on behalf of ownership.