The Downtown Long Beach Alliance (DLBA) has released this quarter’s Snapshot: Office Market, which covers the most recent activities in the downtown area’s commercial office space, divulging information based on development and business surveys.
The DLBA’s quarterly Snapshot series culls data to provide statistical information for investors, businesses and developers, according to the release.
“The state of office space in DTLB has been so interesting to follow lately with modernizations around every corner,” Austin Metoyer, Research & Policy manager for DLBA, said in a statement. “Collaboration is the major trend as older office buildings continue to add new, collaborative space.”
The DLBA selected several data points to highlight from the 23-page report:
- Downtown Long Beach workers earn 31 percent more than the average citywide (Long Beach) worker
- 64 percent of DTLB businesses expect to expand in the coming year
- Vacancy rate has dropped below 15 percent to 12.9 percent
- Average office rent is $2.44/sq. ft., up 15 percent since 2011
“Downtown Long Beach is experiencing major growth in both its population and lease signings,” Toliver Morris, DLBA chairperson and principal of William Morris Commercial, a Long Beach-based real estate agency, said in a statement. “It’s pertinent to understand how the population is changing, what types of businesses are investing, and how the two work hand-in-hand.”
Also included in the report were psychographics of those living in downtown, a further examination into the individual profiles of residents, which were compiled using Esri Tapestry Segmentation data.
Twenty-three percent of downtown residents were classified as Metro Renters, 9 percent as Young and Restless, 17 percent as Enterprising Professionals, 23 percent as Set to Impress, 17 percent as Trendsetters and 12 percent as Metro Fusion.