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Article: Miracle Mile, Mid-Wilshire escape quake damage: but both markets soften from tenant defections in 1993. (Special Report: Quarterly Real Estate)
- Article from:
- Los Angeles Business Journal
- Article date:
- January 31, 1994
- Author:
CopyrightCOPYRIGHT 1994 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Commercial structures in both the Miracle Mile and Mid-Wilshire areas escaped serious damage from this month's earthquake and serious aftershocks. "The buildings around here have held up well," said Franck Morineau, leasing manager for One Park Plaza located at 3250 Wilshire Blvd.
However, Mid-Wilshire continues to be among the Los Angeles office locations that tenants are leaving. Over the course of 1993, the area saw far more tenants move out than in. Office rental rates also declined dramatically, by an average of 7 percent per quarter in 1993, making Mid-Wilshire one of the least expensive office markets in Los Angeles County, according to several real estate ...