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The Los Angeles office market is having a moment, thanks to historically low unemployment rates and a dynamic local economy. According to the third quarter report from Avison Young, the market clocked nearly 450,000 square feet of office absorption in last quarter, bringing year-to-date absorption to 600,000 square feet. Biotech and life science markets are accounting for a large portion of these gains in office space

“Southern California has historically been a hotbed for biotech and life science activity,” Arty Maharajh, research manager for Los Angeles at Avison Young, tells Globest.com. “The Los Angeles market, in particular, has enjoyed a symbiotic relationship with Cambridge/Boston and the Bay Area in life sciences, engineering technology, and venture capital funding. Similar to how Harvard’s medical program and MIT have created a very important partnership, UCLA’s medical program and Caltech strategically collaborate on research as well.”

Kelsi Maree Borland

GlobeSt

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