West Los Angeles office market reports
Q1 2024
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 certain office markets of Los Angeles have continued to struggle, the West Los Angeles submarkets have shown leasing trends headed in a positive direction due to major office occupiers becoming attracted to suburban submarkets that offer more neighborhood amenities. Clearlake Capital and Sidley Austin have both pre-leased large spaces in Century City, establishing new headquarters in West Los Angeles upon building completion in January 2026.
Inventory
Office inventory remains about the same as Q4 2023, however we now see 1,401,704 square feet of space currently under construction.
Net absorption
Tenant movement throughout West Los Angeles maintained a high level of negative absorption for the third straight quarter.
Direct Asking Rent
Landlords continue to offer generous concession packages in order to attract new occupiers. Recently, rates have slightly increased to $57.27/sf.
Availabilities
Total availabilities have increased to 27.3%. Sublet availabilities have decreased compared to Q3 2023, down to 4.3%.
Investment Sales
2024 was off to an incredibly slow start for investment sales, with a total sales volume of just $31.5M with an average sale price of $627.93 per square foot.
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