Beverly Hills Office Space for Rent
It may be flanked by industrial giants – like the nonstop nightlife of West Hollywood, and the educational district in Brentwood – but Beverly Hills has carved out its own business and residential persona that exudes aspiration. Home to the stars, it shines in its own right, with attractions such as the Golden Triangle, not to mention some of the world’s priciest real estate. It’s also frequently hailed as the entertainment capital of the nation, thanks to celebrity residences and a slew of related, ongoing activities.
Several main streets give Beverly Hills its lavish flavor. Melrose Avenue starts with a bang in Beverly Hills – the iconic LA street, which extends down to Silverlake, is here known for its shopping and strolling prowess. Sunset Boulevard runs in the northern part of the neighborhood, where it’s mostly estates and top-shelf hotels. And then, of course, there’s Rodeo Drive – whose towering palms, opulent retailers, and stretch limousines presumably chauffeuring household names give “stargazing” an entirely new meaning.
Beverly Hills bills itself as the luxury capital of the world. Such an established level of affluence makes the city a real estate hub, with private firms in the media and entertainment sectors, plus cosmetic services, five-star hotels, world-class dining establishments, and, of course, high-end shopping and retailers.
Beverly Hills Office Space | Lease Data & Trends
Beverly Hills is part of the Los Angeles West commercial real estate submarket, which has over 53 million square feet of inventory – more than double any other in the LA metro area. Despite this abundance of inventory, the vacancy rate in West LA is less than 13%, compared to 15% for the total LA region. Vacancy rates for Class A space are more on par with that level, at at 15%.
The average asking rent for Class A office space in Beverly Hills is around $5 per square foot per month. Class B space has an 11% vacancy rate, with average asking rents of $4 per square foot per month.
Asking rents per square foot in Beverly Hills proper are among the highest in Los Angeles. One property – which was a transaction between Deutsche Bank and DivcoWest, at 331 North Maple Drive – went for more than $900 per square foot. Along with Marina Del Rey, Beverly Hills counts one of the strongest rent growths, having increased by 7% in the past year.
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What Our Brokers Say About Beverly Hills Office Space for Rent
Santa Monica Boulevard divides the city: To the north lies the sprawling residential neighborhood known as The Flats, and nearly all business and government offices are located to the street’s south. The Beverly Hills City Hall is just steps from where Rodeo Drive meets Santa Monica Boulevard, placing it squarely among the high-end retailers, restaurants, and fitness studios for which the city is renowned. As a result of this interspersed infrastructure, many legal firms – along with other businesses, like realty, doctors offices, and financial institutions – seamlessly find themselves mingling on a daily basis.
This is a see-and-be-seen town, meaning walking around is relatively easy: The city scores a 78 Walk Score, a discernible difference from the 67 awarded to LA in general. The ZIPs 90212 and 90211, in particular, are pedestrian friendly, boasting 89 each. For those who are considering transit, several buses service the area, connecting it with the surrounding neighborhoods. And bikes are increasingly popular: The city has its own Bike Share, which recently merged with Breeze to connect to WeHo and Bruin Bike Shares, bringing the bike count up to 830 available at 135 stations. The city is less than a 30-minute bike ride to UCLA (and under a 15-minute drive), meaning businesses can recruit from the campus’s numerous top schools.
Even the parks here are glam. Beverly Gardens Park, the 2-mile stretch from “fountain to fountain,” counts the landmark Beverly Hills sign, an illuminated icon with flora and a walking trail in its surroundings. There’s also the Coldwater Canyon Park, and the Will Rogers Memorial.
Beverly Hills boasts hotels galore. In addition to the iconic Beverly Hills Hotel, a lavish hideaway for celebrities dating back 100 years, there’s also the Montage, the SLS, and the Peninsula, which is a top pick for business travelers for its flexible checkout time.
The inherent big revenue of Beverly Hills isn’t at the expense of small businesses – more than 80% of the businesses here are considered small businesses. But, of course, what’s a local business to Beverly Hills might not look like a local business in a different city: Case in point, the Academy of Motion Picture Arts & Sciences, which is local to the city. The famed institution frequently offers exhibits and screenings from its location. There’s also the Paley Center for Media, home to an extensive permanent media collection, and the Wallis Annenberg Center for the Performing Arts, which presents performances in a stunning, converted 1933 post office.
Get to Know Beverly Hills, CA
The city’s history of fabled opulence is perfectly encapsulated by the Greystone Mansion, one of the region’s most famous (and most filmed) estates. The interiors are mostly off-limits, but the grounds are open for exploring.
Fashion trends may come and go, but the clientele of Beverly Hills remains eternally posh. The zip code that spawned multiple generations of soapy dramas, 90210 is synonymous with glamour and high-class culture. There’s no shortage of both people-watching and window-shopping in this glitzy, bedazzled pocket of Tinseltown.