Mark Sullivan Mark Sullivan is an EVP at Savills Studley.

LOS ANGELES—Downtown Los Angeles wants creative tenants, and to stay competitive with surrounding markets, it needs them. The submarket has an office vacancy rate that trends above the city average, but with an inventory of institutional office buildings, the market hasn’t appealed much to creative users.

“Every institutional owner downtown is thinking about what they could do to make their buildings more attractive to creative tenants,” Mark Sullivan, EVP, director and regional manager at Savills Studley, tells GlobeSt.com. “The reason why primary Westside, El Segundo, Playa Vista and even Hollywood have become strong markets is that they have appealed to creative users. If you look at dynamic job growth, it is driven by entertainment, technology and new media. The core of Downtown has not gotten its share of that business.”

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.

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.