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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.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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