In an ongoing effort to develop strategies that set up the business community for success, the Property Owners Task Force Committee reviewed the mixed-use development pipeline, the potential impact of the future Metro D Line Extension Wilshire/Rodeo station on tenants, and the commercial leasing activity in Beverly Hills at its liaison meeting on June 16. With the Wilshire/Rodeo station slated to open in 2025, the committee debated whether the station would benefit from a public restroom and what impact that would have. City staff reported no new mixed-use applications (which allows for buildings to have a combination of residential and commercial uses) and provided the Task Force and council liaisons Vice Mayor Dr. Julian Gold and Councilmember Lester Friedman with the latest commercial vacancy rates in Beverly Hills.
According to statistics sourced from CoStar real estate database by Greg Sefain, Economic Development Manager with Beverly Hills Chamber of Commerce, vacancy rates for both retail and particularly office submarkets have increased since 2019.
