West Los Angeles Office Market Reports | Avison Young US - Los Angeles
West Los Angeles office market reports
The Covid-19 pandemic continues to weigh 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. Net absorption has displayed strong recovery in 2023, with the announcements of tech giants Google and Amazon moving forward on moving into their spaces in West Los Angeles.
Office inventory increased with over 576k sf delivered in the first half of 2023.
The half of 2023 reported positive absorption for the first time since 2019, mainly attributed to Google moving into 584k sf at One Westside.
Landlords continue to offer generous concessions in lieu of decreasing lease rents. West Los Angeles office market reported rents at $57.50/sf, up from the prior quarter’s $57.24/sf.
Total available space increased to 19.8 msf, up just 0.15% from the prior quarter.
Total vacancy registered at 20.4%, where 17.6% was direct and 2.8% was sublet.
Since the beginning of the year, sale price per square feet has reached $238.07, with a total sales volume of $115,903,500.
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