San Pedro, CA, Office Space for Lease
Although the San Pedro neighborhood of Los Angeles started as an independent city, LA absorbed it in 1909. The internationally recognized Port of Los Angeles is also partially in San Pedro.
The Port of Los Angeles processes approximately 20% of goods brought to the US annually. Over 500,000 employees handle these deliveries. Due to both the port and San Pedro’s proximity to the coast, it is an important part of Los Angeles.
A San Pedro office space is the perfect option for those looking to get into a trendy and affordable neighborhood. San Pedro is quickly becoming a vibrant part of Los Angeles.
San Pedro has many clubs, restaurants, and shopping centers. Due to its historic origins, San Pedro offers several artistic and cultural attractions as well.
San Pedro Office Space – Lease Data & Trends
San Pedro is part of the South Bay submarket, which holds just under 32 million square feet of Greater Los Angeles’s ~209 million square feet of commercial real estate inventory. The coronavirus pandemic had a large impact on the general Los Angeles market, which is only now slowly readjusting. While vacancy rates are at a high, vacant sublease space in the South Bay decreased slightly in Q4 of 2021 as a result of some companies returning to the office.
The South Bay area is gaining popularity, with major businesses signing long-term leases. In Q1 2021, Beyond Meat signed a 12-year lease for a 281,111 square foot space in El Segundo — this space, whose address is 888 Douglas Street, will serve as their global headquarters. In Q4 2021, the LA Chargers football team leased 145,000 square feet at 100 S Nash Street in El Segundo.
In terms of investments, the South Bay region saw two major sales in Q4 2021: the sale of the South Bay Center for just over $41 million and the sale of The Knox Building for $27.5 million.
As of Q4 2021, the average cost of commercial rental space in the South Bay Area was $3.16 per square foot/month across all building classes. Also in Q4 of 2021, LA’s South Bay had an office vacancy rate of 25.4%.
What Our Brokers Say About San Pedro, CA Office Space
The South Bay Harbor area is home to a variety of notable businesses in aerospace, technology, global communications, and more industries. Some of the most noteworthy businesses with headquarters in the South Bay area include SpaceX and Honda.
San Pedro office space is gaining popularity as more new businesses opt to move there. It is also an ideal location for coworking due to the availability of small commercial spaces for rent. With spaces such as the 6th Street Topaz Building, you can easily rent a desk or small office space for coworking.
For businesses looking for larger spaces, there are options available. In sum, as of Q4 2021, there are more than 7.3 million square feet of direct vacant space available in the South Bay area.
Top Commercial Buildings in San Pedro
555 West 5th Street: This office space is in the famous Gas Company Tower, which is over 40 stories tall and has incredible city views. The building is an iconic LA landmark and is recognizable from many movies. The Gas Company Tower has 24/7 security, conference rooms, high-speed internet access, and kitchens.
222 West 6th Street: The Topaz Building is a newly converted San Pedro office space building. Although this office is a divisible shell space, it is perfectly placed next to the San Pedro waterfront. This building is also close to galleries, dining, and other amenities.
1627 West 25th Street: This is a strip-style property perfect for restaurants or convenience. It is handily located within walking distance of the Royal Palms Beach and White Point Park.
Get to Know LA’s San Pedro
San Pedro is by the Los Angeles waterfront. As a historic port location, the neighborhood boasts museums such as the historic Los Angeles Maritime Museum and Battleship USS Iowa Museum.
There are plenty of beautiful sites for the ocean lover to see as well, such as the Los Angeles Harbor Lighthouse. There are even three beaches in San Pedro for your enjoyment.
San Pedro is only 24 miles from downtown Los Angeles and 20 miles from the international airport. It also offers direct local access to highways I-710 and I-110, offering quick access to other parts of Los Angeles. For those looking to avoid driving, local public transit services include the Metro, LADOT, and the San Pedro Downtown Trolly.
Why Rent Office Space in San Pedro?
Cushman & Wakefield predicts the price of office space in San Pedro to increase by Q4 of 2022 due to new growth. With the addition of new businesses and trendy restaurants, San Pedro is likely to become one of LA’s hotspots for new businesses.
If you are looking for an affordable and well-connected location to set up shop, San Pedro office space is a fantastic choice. It is a short trip away from downtown Los Angeles, the LAX International Airport, and the waterfront.
Nearby Neighborhoods to Set Up Office Space
There are also great offices available in San Pedro’s surrounding neighborhoods! Check out these areas nearby to San Pedro, CA, and consider them in your office search!
Palos Verdes: Palos Verdes is a community on top of the Palos Verdes bluffs. This neighborhood has one of the best views in LA due to its altitude. People know Palos Verdes for its affluent residents and stunning nature trails.
Long Beach: Long Beach encompasses the other part of the Port of Los Angeles, as it is an immediate neighbor of San Pedro. Thanks to the port, Long Beach helps stimulate the California economy. It is home to California State University.
Hawthorne: Hawthorne notably is home to the headquarters of Tesla. This is an affordable location to set up an office. It is 14 miles from downtown LA.
Wilmington: Wilmington has a heavy focus on industry. It has the third-largest oil field in the US and is just north of San Pedro.
If you are interested in leasing San Pedro office space, contact SquareFoot to discuss the best options for your business today.