Downtown Los Angeles is Los Angeles, CA’s central business district, and home to more than a half-million jobs. The diverse area includes the Fashion and Financial District, and although this area had a significant economic decline in the decades leading up to the early 2000’s, it has since experienced a significant turnaround and has stayed a key business center, and a very desirable California neighborhood in which to lease workspace and to work in!
The strategic urban planning that has gone into Downtown has created a modern mix of functional and artistic to ensure the protection of the neighborhood’s diverse cultural charm.
Because of the rediscovery of architectural gems and ideally priced sections of land, there was a boom of interest from smart developers around 2014. Because of the central location and asking rents below the metro average, Downtown still attracts technology companies, co-working startups, hardware, and cleantech companies looking to find both traditional and flexible space at an affordable price. Downtown LA is also popular among up-and-coming artists, due to its vibrant cultural scene and gallery space for rent.
Some of the largest companies that hold private office spaces in Downtown L.A. include Anschutz Entertainment Group, BYD Company, and Cathay Bank. There are also plans in place to continue the refinement of the central business district through the renovation of areas like Skid Row, and incentives for the growth of the Financial District and Fashion District.
The locale is filled with fantastic art museums such as The Broad and the Museum of Contemporary Art. This neighborhood also entertains visitors and new residents at venues such as the Grammy Museum, The Staples Center, and the Walt Disney Concert Hall, and will be sure to turn heads as the host of the 2028 Summer Olympics.
If you are looking to rent office space at a reasonable price in DTLA or in surrounding neighborhoods, find or list available sublease space(s), get information on flexible options, and more, contact us today.
Downtown Los Angeles Office Space│Lease Data & Trends
|Office Space for Lease In||Class A (per month)||Class B (per month)||Vacancy|
With more than 30 million square feet of commercial real estate inventory, business in Downtown L.A. is on the rise. The average asking rent in this district is approximately $42 per square foot ($3.50 per square foot per month).
Class A office space typically leases for more than $43 per square foot ($3.60 per square foot per month), while Class B office space for lease can be secured for an average of around $37 per square foot ($3.10 per square foot per month).
If you are looking to start your search for available office spaces for lease in DTLA, California or in surrounding neighborhoods or cities, contact us today. We have expertise in negotiating flexible lease terms and finding workspace for every type of business at an affordable price. We can work with you to find a list of available spaces for rent, both flexible and traditional, to suit your needs.
Downtown LA Market Sentiment
Q4 2018: New leasing activity has been driven by companies in the coworking, entertainment, new media and education sectors. Despite the 2018 citywide vacancy rate increasing nearly 15% from 2016, asking rents have continued to rise, and are up nearly 10% year-over-year.
Los Angeles is at the heart of the entertainment industry, and as technology, content, and entertainment become further entwined, the mix of businesses and major players in the LA economy will continue to evolve.
Q2 2018: The unemployment rate in Los Angeles County has decreased by 0.4% and has inspired economic growth through the creation of 63,900 jobs. This growth has been reflected in increased leasing activity, with year-to-date net absorption up 225,000 square feet.
What Our Brokers Say About Downtown LA Office Space
The Los Angeles, CA submarket is growing due to tech companies and financial institutions seeking reasonably priced office spaces in order to devote more capital towards nurturing their business.
Downtown is surrounded by some of the country’s top rated universities, such as the University of California Los Angeles (UCLA) and the University of Southern California (USC), making it a great place to recruit young talent for both internships and entry-level positions.
Several game studios and entertainment industry moguls, such as Universal, have found Downtown LA to be a launching pad for communication that extends beyond Silicon Beach, and as such have looked to lease spaces there. There is also a significant presence of legal services Downtown, with the DTLA Federal Courthouse and the United States Courthouse steps from one another.
Getting to, From, and Around Downtown Los Angeles
Los Angeles is at its heart a driving city, and as a result competes with New York City for the title of worst traffic in America. Traffic data firm INRIX reported LA is home to nearly 40% of the roadways most likely to face debilitating slowdowns. By 2026, traffic is estimated to cost LA more than $90 billion in lost time, gas, and carbon emissions.
The Los Angeles Metro Rail System runs several lines throughout the city, and the Metro Rapid bus lines have signal priority and make limited stops to make any commuter’s journey just a bit easier. The Los Angeles Department of Transportation operates seven local DASH shuttle lines on weekdays. Amtrak and Greyhound are excellent options for intercity transportation in Los Angeles County.
Part of the urban revitalization project is to continue the building connectivity of the city itself, which means filling blocks with businesses that welcome pedestrians and streamlining public transit. Although there are dreams of building a “Subway to Sea” rail line, the city’s efforts are focused on transit expansion Regional Connector Transit Corridor (began September 2014) and the development of street-car trolley service.
While the Transit score for Downtown Los Angeles is an impressive 98, this neighborhood is known for being the city’s most walkable neighborhood with a Walk Score of 95. There are a handful of public parks, gardens, breweries, eclectic restaurants, and cafes sprinkled throughout downtown, making this district hard to resist for businesses focused on company culture. Those who work in the area will have no shortage of things to do after work!
Downtown Los Angeles Neighborhood & History
Tongva Native Americans are the earliest known population to live in the area that is now considered Downtown LA, until the European settlement in the late 1760s. From the early 1880s to 1896 the population went from 11,000 to an enormous 100,000 people.
Downtown experienced its Golden Age in the 1920s, when the city’s rail lines became the most impressive in the world. Because of this, there was a massive influx of residents, and the city was nicknamed the “Wall Street of the West” as a close rival to NYC.
Following World War II, investment in the city saw a sharp decline as many corporate headquarters spread to the suburbs. By the 1930s, Bunker Hill, once one of the district’s most wealthy areas, became a mecca for low-income housing. Historic buildings were demolished, and Downtown LA became a drive-in-drive-out destination.
The neighborhood’s overwhelming revival came in the late 1990s, and by 2013 DTLA was being considered a hip, well-populated, and flourishing area again, and a desirable area to work. Larger corporations still find themselves west of Bunker Hill in the Financial District, while young innovators are filling the historic buildings left behind by the shift.
Well-known, historic properties in Downtown include the Bradbury Building, the ARCO Tower building, and the US Bank Tower building.
Downtown is continually seeing new life and investment, making it a great place to grow a business, invest in or lease property, and more. If you’re looking for available office spaces in Downtown, we can help.
Things to do in and around Downtown LA
There are a variety of things to do in and around Downtown. Here is a list of things to do in Downtown LA, California:
- Take a tour of the famous Arts District: The Arts District is home to many artist studios, galleries, and hip stores. It’s definitely bursting with a creative spirit, and a walking tour of the community will reveal the abundance of amazing street art!
- Check out one of the many highly-rated restaurants: You’ll find that Downtown LA is full of amazing and innovative food options. Some of the more popular restaurants here to try include: Otium, Badmaash, Bar Ama, RedBird, Little Sister Downtown, and Sonoratown.
- Head to a show or a game at the Staples Center: The Staples Center, home venue to the LA Lakers & Clippers, the LA Kings, and the LA Sparks, is a popular arena that hosts 240 events a year and welcomes a number of big-name performers like U2, The Eagles, and Justin Timberlake.
- Relax in the park: Take a midday work break at one of the many nearby parks, like Grand Park, Grand Hope Park, or Pershing Square.
If you have a car, other must-see LA neighborhoods and cities in LA county are nearby:
- Santa Monica: If you’re looking to head to the beach after a day in the office, the gorgeous Santa Monica is about 15 miles away from Downtown (about a 20-minute drive in light traffic). Access to Santa Monica is easy via the I-10 West freeway.
- Hollywood: About 8 miles away from Downtown via the US-101 North, Hollywood is a great place for an after-work show, or a sunset hike to the top of the hills to get the best views of Los Angeles. Just remember to avoid the traffic on Hollywood Blvd!
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