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Office Sector Still Struggling

LOS ANGELES—The latest office market reports show the sector is down 16.4% from the previous quarter, largely due to poor job growth and the trend toward smaller, open-format office spaces.

By Kelsi Maree Borland | Updated on June 04, 2014

LOS ANGELES—A new market report from Savills Studley shows that the Los Angeles office market is still struggling. According to the report, leasing activity in Q1 2014 was down 16.4% from the previous quarter and 2.6% from Q1 2013. Savills Studley noted that poor job growth and the trend toward open-format and smaller office spaces is contributing to the decline.

The entertainment sector is leading the office market in terms of leasing activity. Lionsgate signed the largest lease in Q1 2014 for a 178,000-square-foot space in Santa Monica. The Oprah Winfrey Network, IMAX and Dreamworks also signed major leases during the quarter.

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