Los Angeles office market report

Q2 2022

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.

364 msf

Inventory

Office inventory increased by 1 million square feet this quarter compared to Q1 2022. 

629 ksf

Net absorption

After reporting negative absorption in Q1 2022, tenant movement within the Los Angeles office market picked up with 629 ksf absorbed by quarter end.  

$3.39 psf

Direct asking rent

Landlords remain firm on average asking rents on Class A and Class B spaces. 

70.7 msf

Availabilities

Total available space increased in the Los Angeles metro area by 500 ksf. 

15.3%

Vacancy

Vacancy remained unchanged from the prior quarter. 

$780M

Investment sales

Investment sales activity declined this quarter with deal frequency decreasing by over 36% compared to Q1 2022. 

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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.

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