2022 Q3 Hollywood Mid-Wilshire Office Research Report
There were some signs of office market recovery in areas with a heavier concentration of tech, media, and entertainment. Year-to-date net absorption is positive in West Los Angeles and Hollywood/Mid-Wilshire office markets. Hollywood’s overall vacancy rate has decreased for four consecutive quarters, finishing at 21%. Mid-Wilshire continues to struggle with high vacancy, up another 160 basis points over the quarter to 27.9%. Landlords are still holding their asking rental rates in Mid-Wilshire, where the average is up 1.7% year over year. There are no more office developments in Hollywood/Mid-Wilshire, as the major preleased projects have completed. With supply constrained, demand from media and entertainment tenants should decrease vacancy further in this office market.