Koreatown, Los Angeles, CA Office Space for Lease
Koreatown is a bustling and exciting neighborhood in the heart of Los Angeles. As a town featuring numerous business industries, residents experience endless career opportunities that pair with a uniquely culture-influenced town.
In the 1960s, Korean immigrants found refuge in Los Angeles’ center by taking advantage of the low rent and Mid-Wilshire housing flexibility. The increasingly growing population of Korean immigrants led to diverse business ventures, art deco buildings, and an incredibly unique culture hub.
These days, Koreatown is home to a wide variety of immigrants. From Latino influence to European magnetism, Koreatown boasts cultural diversity while housing California’s most successful and unique coworking spaces.
Koreatown, LA Office Space—Lease Data and Trends
As a part of the Hollywood and Mid-Wilshire submarket, Koreatown offers ample coworking spaces for lease and rent. This submarket represents 7.3% of meeting spaces in Los Angeles with 15.4 million square feet.
Total inventory as of Q3 in 2021 is 15,453,672 square feet, reflecting a significant increase of 132,671 square feet since Q3 of 2020. Overall vacancy in the Hollywood/Mid-Wilshire corridor is at 26%, while the net absorption is a negative 124,726 square feet.
Meanwhile, there are over 530,000 square feet currently under construction in the thriving submarket. When looking for office space for lease, individuals and companies can expect an asking rate of about $3.41 per square foot.
With decreased average asking rates (down by 5.2% in Hollywood and 12.7% in Mid-Wilshire this year) and a robust digital streaming industry presence, the submarket is predicted to remain significantly healthier than other Los Angeles neighborhoods.
What Our Brokers Say About Koreatown, LA Office Space
Koreatown offers more than authentic restaurants. Several international corporations take advantage of the culturally thriving neighborhood by opening shops here. Several airlines, including Asiana Airlines and Korean Air, establish sales offices and headquarters in the neighborhood. Other globally renowned organizations, such as the Consulate General of South Korea and the Consulate General of the People’s Republic of China in Los Angeles, also hold established Koreatown office space.
Top Commercial Buildings in LA’s Koreatown
3501 – 3519 West 6th Street: Here employees can enjoy the convenience of a small neighborhood with an unmatched view of Los Angeles. Flexible leasing terms and next-door restaurants make this building the ideal coworking space for multiple industries.
221 North Ardmore Avenue: This Koreatown office space for lease boasts 8,689 square feet, creating enough room for large corporate teams. The coworking space is available via sublease beginning on April 30, 2022.
201 South Western Avenue: This office space is located on the corner of South Western Avenue and West 2nd Street. One of this building’s main benefits is its location directly across from St. Brendan Elementary School, adding an extra level of convenience for coworkers and employees with young children.
621 South Westmoreland Avenue: Neighboring the Southwestern Law School and the Lafayette Multipurpose Community Center is this Koreatown office space. With a direct lease term of three to ten years, the second floor of this building is ideal for those looking to open shop in the bustling Koreatown neighborhood.
Get to Know LA’s Koreatown
As the cultural hub of Los Angeles, Koreatown offers residents and workers numerous restaurants and activities to satisfy every taste. Residents can explore new flavors daily, from authentic Korean cuisine at HanEuem to traditional American comfort food at The Venue.
The quaint and culturally diverse neighborhood offers much more than delicious food. The annual Korean Festival and Parade on Olympic Boulevard is a spectacular event featuring the beauty of Korean Culture.
History buffs can enjoy the Korean American National Museum on West 6th Street, then explore the historic Bimini Baths west of downtown. With an LA subway station on Western Avenue and Wilshire Boulevard, residents and visitors can easily travel to their meeting spaces without worrying about big-city traffic.
Why Rent Office Space in Koreatown?
Koreatown is home to office spaces across a wide range of sizes — from executive suite or meeting space to larger office space spanning over 15,000 square feet in size, it’s easy for companies of all stages to find the right fit.
Employees can grab lunch at any of the endless nearby restaurants. And at the day’s end, they can also find a fun bar to chat and unwind. Numerous cultural experiences enable managers to easily plan corporate bonding events that engage the whole team while exploring Los Angeles’ best offerings.
The conveniently located metro stations give employees easy access to and from the neighborhood without a stressful commute. From endless business venture opportunities to unmatched amenities, Koreatown in Los Angeles offers a premier location for those seeking an unparalleled coworking space.
Nearby Submarkets to Set Up Office Space
West Hollywood: Despite the small area, West Hollywood boasts endless opportunities. Most California residents recognize the neighborhood for the iconic Sunset Strip and Santa Monica Boulevard; however, it also houses the country’s pop culture hub. The West Hollywood neighborhood lavishly hosts dazzling Academy Awards parties and has boosted several famous comedians who took the stage at the Laugh Factory.
Downtown Los Angeles: From fashion moguls to tech entrepreneurs, Downtown Los Angeles is California’s premier business district. Companies like Cathay Bank and Anschutz Entertainment Group thrive in the small-town environment due to the constant influx of tourists and high foot traffic. Residents can also enjoy LA’s artistry at the Museum of Contemporary Art and The Broad.
Echo Park: When looking for Koreatown office space for rent, definitely check out Echo Park. This naturally beautiful neighborhood sits between Hollywood and Downtown LA. This district is well-known for featuring a lake and expansive greenery in the middle of a bustling city. Despite its small size, Echo Park presents a popular film location, accommodating movie scenes for Chinatown and The Fast and The Furious.
If you’re interested in exploring office space for rent in Koreatown, CA, contact us today to discuss your options.