Miracle mile thrives, while rents stag low toward downtown.

From: Los Angeles Business Journal | Date: October 17, 2005| Author: | Copyright information

THE Wilshire Corridor is a tale of two neighborhoods.

Stretching from west of downtown to Beverly Hills, the area saw its office vacancy rate drop more than a point, to 9.2 percent in the third quarter.

But that doesn't necessarily translate into high leasing rates. Wilshire Corridor properties had average asking rates of $2.03 per square foot for Class-A space and $1.44 for Class-B. Only the South Bay posted lower figures, according to Grubb & Ellis Co.

While the Miracle Mile/Park Mile segment of the area is benefiting from the tighter market in nearby Beverly Hills ...

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