It may be flanked by industrial giants–like the nonstop nightlife of West Hollywood and the educational district in Brentwood–but Beverly Hills, CA, 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. It’s a city built for dreams, and more spaces are available for new businesses.
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 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 commercial 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. The search ends here—lease office spaces in Beverly Hills, CA, to work alongside Fortune 500 company Live Nation Entertainment and the headquarters of Metro-Goldwyn Mayer.
Beverly Hills Office Space | Lease Data & Trends
Beverly Hills, CA, is part of the Los Angeles West or Westside commercial real estate submarket, which boasts more than 56 million sqft of inventory as of Q4 of 2020. That massive square footage dwarfs that of any LA metro area. Despite this abundance of commercial real estate, the vacancy rate in West LA is 11%, compared to more than 16.3% for the total LA region. Vacancy rates for Class A space in Beverly Hills, CA, are more on par with that level—15% of commercial real estate spaces are vacant and available for new renters.
While most cities post office rental properties’ prices by sqft per year, Beverly Hills’ listings are expressed by sqft per month. The average asking rent for Class A office space in Beverly Hills is just under $5.50 per sqft per month. Class B space has a 12.6% vacancy rate, with average asking rents of just over $4.25 per sqft per month. Most of the businesses and government offices in Beverly Hills are south of Santa Monica Boulevard.
Rent in Beverly Hills proper is among the highest in Los Angeles. Overall, the average asking rent for Westside office space is $5.25 per sqft for all classes. Despite the pandemic, signs of improvement in the office market began to manifest at the end of 2020. At the end of the year, the number of office tours in Los Angeles were quite high, indicating more office properties will be leased in the coming months. In addition, developers are building more office spaces; as of Q4 of 2020, 6 million sqft of office space was under construction in Los Angeles. Be on the lookout for more available listings and options in the Beverly Hills office market—about half of the new inventory will be added to Westside. Contact a real estate broker to continue your search for available office space or property in Beverly Hills.
|Office Space for Rent||Price per square foot||Vacancy|
What Our Brokers Say About Beverly Hills Office Space for Rent
Those planning to lease office spaces in Beverly Hills, CA, will likely be curious regarding what they’ll be able to find in the area. Whether businesses lease flexible office space, executive suites, or an entire building, this famous city will offer the same unique amenities. When you step off your office property or even just look out the window, prepared to see famous landmarks, celebrities, and impressive architecture every day.
Santa Monica Boulevard divides the city: Beverly Hills lies just south of the sprawling residential neighborhood known as The Flats, and nearly all business and government offices are located to the street’s south. South of Wilshire, an area in Beverly Hills, offers even more shopping and dining options. Houses with this address tend to run slightly cheaper than other areas of the city, and the properties there tend to be smaller and more rectangular than in other parts of the city. Notably, employees searching for renting options are likely to find some good options in South of Wilshire because it contains more apartments than any other part of Beverly Hills.
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–operate nearby. Downtown Los Angeles is about 13 miles away from Beverly Hills—and the drive can be just 30 minutes by car, depending on traffic.
This is a see-and-be-seen town, meaning accessing the area on foot is relatively easy: The city scores a 75 Walk Score, a discernible difference from the 68 awarded to LA in general. Those who need public transit can access several buses that service the area, connecting it with the surrounding neighborhoods. And bikes are increasingly popular: The city has its own Bike Share, which 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), allowing businesses to 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 due to 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 is called a local business in Beverly Hills might not look like a local business to those from another city. For example, the Academy of Motion Picture Arts & Sciences, which is local to the city, is a famed institution that 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. Some buildings offering office space for lease actually advertise the property specifically to small businesses. 292 S La Cienega Boulevard, for example, provides an office space that is 1,488 sqft in size—ideal for a small business searching for a high-quality space.
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.
Beverly Hills, CA, History
Investors investigated Beverly Hills in the early 1900s because they were hoping to find oil. When they found water instead, they decided to make the area into a town. It was incorporated in 1914. The city got its name from Beverly Farms in Massachusetts. The establishment of the Beverly Hills Hotel attracted visitors and inspired them to buy land in the area, increasing the population of the city. Pickfair, one of the first mansions built in the area, helped Beverly Hills gain its reputation as a glamorous city for movie stars and tourists.