The Pacific Design Center’s Red Building in West Hollywood
The 30 buildings in West Hollywood’s office market saw 18 percent vacancy in the fourth quarter, a teensy decrease from 18.3 percent in the third, according to a report by Colliers International.
The submarket has 2.8 million square feet of office space, which saw 92,100 square feet of leasing activity.
Net absorption was low, but not negative: 8,500 square feet.
No new construction was completed in the fourth quarter but 64,000 square feet was underway.
The average asking rent was $4.20 a square foot a month, 15 cents higher than the Westside average for the quarter.