Search
 

DTLA Office Gets a Boost of Creatives

The office vacancy rate fell nearly 5% in the third quarter as more creative companies are signing leases in the market.

Nick Griffin Nick Griffin is the director of economic development at the DCBID.

Creative companies are starting to move into the Downtown Los Angeles market. In the third quarter, the market had 1.9 million square feet of leasing activity, with Jerde Partnership, Bullitt Studios, and Gimbal all relocated their offices to Downtown L.A, according to a new report from the DCBID. The activity pushed vacancy rates down 4.8% year-over-year to 17.6% and rents up to $3.48 per square foot for class-A space, a 4.8% increase year-over-year. To find out more about the office activity and to get a look ahead, we sat down with Nick Griffin, VP of business development at DCBID.

GlobeSt.com: Office leasing activity was very strong this quarter. Were these the types of companies that you have been looking to attract to the market?

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.