Los Angeles office market report

Q4 2024

The Greater Los Angeles office market remains sluggish, with remote work policies continuing to dominate among office occupiers. Leasing activity has declined for four consecutive quarters, culminating in just 3.5 million square feet leased in Q4, while overall availability has risen to 21.3%. Landlords face mounting challenges in securing new tenants, as many occupiers persist in reducing their office footprints.

224k sf

Net absorption

The Greater Los Angeles office market experienced a 2.2 million square foot improvement in absorption in Q4 2024 at 224k square feet, an increase from Q2’s negative 2.0 million square feet.

$43.23/sf

Asking rents

The average full service asking rent in the greater Los Angeles area sat at $43.23, the lowest figure since Q4 2020. As vacancies remain high, owners have offered lower rents to entice new tenants to sign leases.

21.3%

Availabilities

Total availabilities have dropped in Q4 2024, with almost 21.3% of available office space. This is nearly a 2% drop from Q2 2024.

3.5 msf

Leasing activity

Office leasing activity in the Greater Los Angeles marketplace has maintained a low volume, with a total of about 3.5 million square feet of leases signed. This marks the third straight quarter of about 2 million square feet of Class A spaced leased as owners continue to struggle to fill their vacant units.

19%

Vacancy

Total vacancy throughout the Greater Los Angeles office market is currently at a record high, with an overall average of 19% vacancy, and a Class A average of 25.4%. As we continue to move away from the Covid-19 pandemic era, office occupiers have been shedding unused space as work from home policies have proven to be the norm.

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.

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