Los Angeles Office Market Reports | Avison Young US - Los Angeles
Los Angeles office market report
The Covid-19 pandemic continues to have lingering effects on the Los Angeles office market. Occupiers have reassessed their office holdings and continue to make decisions on best office space utilizations for their needs, which have caused many to relinquish unused space. While Los Angeles has recovered most of the office using jobs lost during the pandemic, the share of remote postings as of October 2023 is at 11.39% as companies adopt work from home policies.
Buildings 50,000 square feet and above, the Los Angeles office market currently has 2.3 msf under construction.
Net absorption as a percent of inventory ended the year in the red, making it two straight quarters of negative absorption.
Direct Asking Rent
Landlords continue to offer generous concession packages in order to attract new occupiers. Recently, rates have slightly pulled back to $42.97/sf.
Total availabilities remained at high levels at 70.0 msf. Sublet availabilities have decreased, down 3.3% from the prior quarter.
Total vacancies registered at 20.7%, up 60 basis points from the prior quarter.
The Los Angeles office market saw a total sales volume of $2.2B in 2023 with an average sale price of $247.32 per square foot.
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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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