- As the chart illustrates, leasing SF peaked at 18.6–19.4 million SF between 2016 and 2019, collapsed to a 9.7 million SF trough in 2020, and has since plateaued at roughly 13.5–15.6 million SF, approximately 20% below the pre-pandemic average. Deal count has followed the identical arc, declining from 4,689 annually in 2016 to 3,750–3,870 in 2022–2025, confirming that fewer transactions, not smaller ones, explain the gap.
- Among 2026 YTD leases of 10,000 SF and above, Financial Activities and Legal Services account for 35% of transactions while commanding the highest average rents at $5.38 and $5.08 per square foot, respectively. Technology, historically a primary absorption driver, registers only two transactions. Barings LLC ($9.75/SF) and Perkins Coie ($7.60/SF) now anchor Class A rent discovery in Century City.
- New direct leases in 2026 YTD carry an average term of 104 months, 44% longer than the 72-month renewal average, indicating that tenants selecting new space are making long-duration commitments. The dashed reference line on the chart underscores how far deal count still trails the pre-pandemic floor of approximately 4,400 transactions annually.
Greater Los Angeles
Ka Lok Marco Chung
