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The Mid-Wilshire corridor, is alive and well and, according to a recently completed study by the Merritt Real Estate Group, its prestige factor remains intact.
In 1984, more than 700,000 square feet of space was leased between Highland Avenue on the west and Alvarado Street on the east, compared to the annual average of 400,000 to 500,000 for previous years.
The big change, however, is in the new tenant mix that appears to have infused new leasing strength into the area, Fred S. Merritt, Merritt Group's co-founder and president, said. He directed the study.
Filling Void
"What has changed primarily is the size of tenant firms," Merritt said. "Smaller service companies such as advertising agencies, accounting firms and insurance agencies are filling the void left by relocation of some of the larger corporations such as IBM, Arco and Countrywide Funding.
"This general trend involving smaller firms recognizes that the Wilshire address adds prestige to these businesses. In addition, they are drawn to the area by more reasonable rents...