Downtown Los Angeles office market reports
Q4 2023
Rental rates
Office rental rates have slightly ticked up to $48.37/SF. Downtown Los Angeles Tenant Improvement Allowances have remained firm at $120/SF for a 10+ year term. Rental Abatement allocations have stayed constant with 12 months for a 10+ year term.
Office supply
Overall vacancy in Greater DTLA’s 46M SF registered at 30.0% at the end of the fourth quarter quarter. Within the approximate 30M SF in the Central Business District, overall vacancies registered at 27.0%.
Office demand
Leasing activity picked up in Q4 to 341,159 sf, up 76% from Q3. Since the pandemic began absorption levels have remained in the red but picked managed to recover in the fourth quarter with 142,821 sf square feet of positive net absorption. Year-todate the total net absorption for DTLA stands at negative 481,165 sf.
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