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.
Inventory
Office inventory increased by 1 million square feet this quarter compared to Q1 2022.
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.
Direct asking rent
Landlords remain firm on average asking rents on Class A and Class B spaces.
Availabilities
Total available space increased in the Los Angeles metro area by 500 ksf.
Vacancy
Vacancy remained unchanged from the prior quarter.
Investment sales
Investment sales activity declined this quarter with deal frequency decreasing by over 36% compared to Q1 2022.
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