Is DTLA’s Office Market Heading for a Correction?

George Crawford

In the last five years, nearly 60% of the office product in Downtown Los Angeles has traded hands to new ownership. As a result, office rents have increased to prices that are often competitive with West Los Angeles. That may be changing. With new product and renovated product coming to market this year—and a vacancy rate that continues to hover in the high double digits—Downtown Los Angeles’ office market may be heading for a correction. We sat down with George Crawford, a senior associate at Charles Dunn Co., to talk about the office market in Downtown Los Angeles and what tenants can expect in the next year.

GlobeSt.com: Given that roughly 60% of the office space in DTLA has new landlords, can you provide some more perspective on what and where?