Los Angeles office market report
The Los Angeles office market leasing activity remains strong with new notable transactions throughout each submarket with Amazon adding 207K sf in Santa Monica, Forever 21 signing a 162K sf lease in Downtown Los Angeles and IHOP/Applebee’s parent company Dine Brands Global inking a deal for 92K SF in Pasadena’s Lincoln Property Project. Office occupancy hits 41.8%, the highest point since the pandemic began in 2020 showing signs of improvement in office space demand according to Kastle Systems’ card-swipe reader.
Office inventory increased by 1 million square feet this quarter compared to Q1 2022.
After reporting negative absorption in Q1 2022, tenant movement within the Los Angeles office market picked up with 629 ksf absorbed by quarter end.
Direct asking rent
Landlords remain firm on average asking rents on Class A and Class B spaces.
Total available space increased in the Los Angeles metro area by 500 ksf.
Vacancy remained unchanged from the prior quarter.
Investment sales activity declined this quarter with deal frequency decreasing by over 36% compared to Q1 2022.
Your source for the latest Los Angeles office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater Los Angeles area. Avison Young advisors look at LA's commercial real estate activities and the latest county statistics to provide you expert market research on LA's office properties.
Explore different topics like the latest office market pricing trends and analysis of Los Angeles's current office real estate market conditions. Gain a better understanding of Los Angeles’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in LA's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Los Angeles.
The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.