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- The demand for office space in Los Angeles is weaker than in other parts of the country. In the second quarter of 2024, more office space was left unoccupied (-449,542 square feet) compared to the same period in 2023 (-544,922 square feet). Over the past year, rent growth for office space was minimal at 0.5%, compared to a decline of 0.9% in 2023.
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Jun 1, 2023 · As of Q1 2023, available sublease office space in LA has increased by 190% and currently makes up 17% of available space in the market. Vacant sublease space now makes up nearly 11% of total vacant office space in LA. Here’s an overview of the key trends we’re seeing.
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Aug 28, 2024 · Office Space Los Angeles. The demand for office space in Los Angeles is weaker than in other parts of the country. In the second quarter of 2024, more office space was left unoccupied (-449,542 square feet) compared to the same period in 2023 (-544,922 square feet).
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THE LOS ANGELES OFFICE MARKET is expected to remain slow due to a persistent shortage of leasing activity and increasing vacancy rates. A few encouraging signals still exist, including government agencies in Los Angeles leasing large blocks of office space.
Currently, there is just over 11 million square feet of sublet space available compared to 9.3 million square feet that was available a year ago and the pre-pandemic amount of 4.3 million square feet. Currently, 22% of the total office market is available for lease or 69.4 million square feet in Los Angeles. -12.4 M.
- MARKET DRIVERS
- ECONOMIC REVIEW
- NEAR-TERM OUTLOOK
THE LOS ANGELES OFFICE MARKET exudes the impression of unpredictability and instability. While vacancy rates have remained constant, the availability of sublease space has proliferated. Although tenants are hesitant to sign leases, businesses have made it known that they want the newest-generation space. Certain metro areas have performed relativel...
ECONOMIC FACTORS on the Los Angeles office market varied depending on the submarket. The West Los Angeles submarket has shown some resilience, with vacancy rates remaining relatively low with stable asking rents. However, other submarkets were more adversely affected by economic considerations, with rising vacancy rates and declining asking rents. ...
DUE TO ITS INNOVATIVE solid culture and entrepreneurial spirit, Los Angeles has a higher rate of self-employment and startup activity despite having an established economy and a significant share of the major national industries. THE NEAR-TERM OUTLOOK for the Los Angeles office market is still undetermined. Nevertheless, the industry may benefit fr...
After the first half of 2024, the Los Angeles office market will face various challenges. Co-working spaces are gaining importance as businesses adapt to changing employee preferences and priorities. With economic stabilization, companies may expand and hire again, increasing demand for office space.
Mar 31, 2023 · The sale price for office space in Los Angeles averaged $190.16 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $256.51 per square foot.
