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Downtown Los Angeles Office Overview
• Downtown Los Angeles overall vacancy increased another 80 basis points to 21%, surpassing the previous peak of 20.5% in 2015.
• Office availability is highest outside of the Central Business District in Greater Downtown at 39.1%.
• Overall rent growth was flat over the year with Class A rates decreasing by 2.2%.
• Central Business District Class A average asking rates held at $3.75 PSF per month over the quarter.
• Sublease availability has been on the rise over the past year but stayed flat from Q1 2021, remaining at 1.5%.
• Year-to-date leasing activity finished at 436,938 SF, roughly half the amount recorded by mid-year 2020.
• All major office developments are occurring in Greater Downtown, outside of the Central Business District.
• Office availability is highest outside of the Central Business District in Greater Downtown at 39.1%.
• Overall rent growth was flat over the year with Class A rates decreasing by 2.2%.
• Central Business District Class A average asking rates held at $3.75 PSF per month over the quarter.
• Sublease availability has been on the rise over the past year but stayed flat from Q1 2021, remaining at 1.5%.
• Year-to-date leasing activity finished at 436,938 SF, roughly half the amount recorded by mid-year 2020.
• All major office developments are occurring in Greater Downtown, outside of the Central Business District.
