West Los Angeles office market reports

Q4 2022

Lease rates remained relatively flat in West Los Angeles in 2022. There was only 3,667 square feet of positive absorption in 2022; this may be a small number, but after two years of negative absorption totaling 4.1 million square feet, this is a step in the right direction.
1.8 msf

Inventory

At the end of 2022 there was 1.8 million square feet of new office construction underway. This is down when compared to the end of 2021 when 2.9 million square feet was under construction.
3,667 sf

Net absorption

There was only 3,667 square feet of positiveabsorption in 2022; this may be a small number, but after two years of negative absorption totaling 4.1 million square feet, this is a step in the right direction.
$58.96/sf

Asking Rent

Lease rates remained relatively flat in West Los Angeles in 2022. At the end of 2022, the asking lease rate for office space were $58.96 a square foot on an annual basis or $4.91 on a monthly basis.
23.2%

Availability

The availability rate for the West Los Angeles office market came in at 23.2% for the last quarter of 2022. The amount of available space continues to remain in the low twenties since the beginning of the pandemic.
18.9%

Vacancy

Total vacancy this quarter registered 18.9%, 16.6% was direct and 2.3% was sublet. Sublet space has increasedfrom 2.8 million square feet at the end of 2021 to 3.5 million square feet at the end of 2022.
39.4%

Investment Sales

Investment sales volume increasedby 39.4% when compared to 2021. Total sales volume in 2021 was $762 million dollars and 2022 came in at $1.1 billion. We also witnessed the price per square foot increase by 19.2%.
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