West Los Angeles office market reports

Q4 2023

The Covid-19 pandemic continues to have lingering effects on the West Los Angeles office market. Occupiers continue to reassess the impact of “in-office” vs “hybrid” work policies with occupiers deciding to downsize their office space utilization requirements. While Los Angeles has recovered most of the office using jobs lost during the pandemic, the share of remote postings as of late has decreased to 11.39%, as companies make an effort to implement “in office” work strategies.

75.6 msf

Inventory

Office inventory increased with over 767k sf delivered through four quarters.

-501 ksf

Net absorption

Tenant movement throughout West Los Angeles maintained a high level of negative absorption for the second straight quarter.

$57.24 psf

Direct Asking Rent

Landlords continue to offer generous concession packages in order to attract new occupiers. Recently, rates have slightly increased to $57.24/sf.

26.6%

Availabilities

Total availabilities have increased to 26.6%. Sublet availabilities have decreased compared to Q3, down to 4.3%.

$509.05 psf

Investment Sales

Since the beginning of the year, there is a total sales volume of $617M with an average sale price of $509.05 per square foot.

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