Los Angeles is a thriving location for Filipino Americans and OFWs, with a population of over 600,000 (!). L.A is also a thriving location for small and medium-sized enterprises (SMEs) in varying sectors. It is a leader of entertainment, tech, fashion and financial industries, housing companies like Hulu, Snap, Core Digital Media, and a lot more.
With this entire thing going on, Filipino business owners located in L.A (or planning to move there) can put down roots into this city and reap the benefits. Start looking for office space for lease in Los Angeles and see for yourself why LA is an excellent location for business.
Leasing Office Space in LA
Because of its large population, businesses have an enormous market opportunity to sell products and provide services. To date, there are about 400 start-up companies in LA that continue to thrive in the business ecosystem.
If you are planning to lease a workspace here, you need to know that certain areas like Downtown LA and Burbank have higher property prices. Because of the proximity to commercial establishments, finding an affordable workspace in this city can be hard.
Common Types of Commercial Leases
- Percentage Lease
Under this type of lease, the lease needs to provide a percentage of the monthly sales over a certain threshold. This situation happens typically for spaces in malls, hotels, and other high-rise buildings.
- Rented Square Feet
This refers to the equivalent of the usable square feet plus a portion of the building’s shared space. For instance, if the office space is inside a mixed-use property, you need to pay for common areas like lobby, elevators, and cafeteria, if there is any.
- Base Rent
The fixed lease per month is the base rent. Some properties add up other fees if there is any.
- Net Lease
The net lease is the base rent with taxes, insurance, and maintenance costs incurred by the landlord. The percentage of additional fees can be negotiable.
Best Office Locations In LA
Are you looking for office space for lease Los Angeles? Here are some of the best locations you can consider.
Known as the hotbed of opportunity for SMEs in the financial and retail industries, Pasadena is in the northern part of LA, close to Alhambra and Glendale. Because it is quite far from Downtown, the rental price of the workspace here is cheaper. Moreover, according to BestPlaces, Pasadena will experience tremendous growth for the next ten years.
One of the most famous spots for start-ups is West Hollywood. It offers a refreshing environment for your workplace, and it is close to Santa Monica, Beverly Hills, and Downtown. Because of its proximity to favored locations, you can expect a higher rental price for properties here. Nonetheless, this is called the gateway to the city, where both locals and tourists meet.
The business district at Westlake North is an excellent location for businesses. It is close to commercial establishments like banks, studios, museums, and Universal Studios. The area is famous for tech and financial start-ups, as well as the emergence of eclectic art.
If you want to make connections with other established companies, Bunker Hill is the place to be. It is home to high-end real estate, thriving culture, and commercial establishments, which make it a hotbed for tourists and locals. It is close to Downtown, but the lease price for offices is relatively lower here.
Look for office space in these locations to get your money’s worth. These are not as popular as Santa Monica, Culver City, or Downtown, but these are still prime locations.
By the way – did you read our article about the best cities in the U.S for OFWs to open a Franchise? If not – check it out here.