There is some good news coming out of the office sector in Los Angeles: technology and media company leasing activity. According to the recent third quarter report from Newmark, FAANG companies are helping to insulate the market; however, vacancy rates are still continuing to rise as absorption rates fall.

“Tech titans Facebook, Amazon, Apple, Netflix and Google want to develop original content and programming for distribution on their networks, and tech and Hollywood are mixing,” Bill Bloodgood, executive managing director and agency market leader at Newmark, tells about what is driving leasing for this tenant group. “Los Angeles has the underlying fundamentals to advance this. Namely, a preexisting film and TV infrastructure; the third largest tech ecosystem for start-up companies in the world; one in eight employees has a creative job; wages are competitive relative to Silicon Valley; substantial venture capital funding; and its beaches and agreeable weather. These qualities also appeal to smaller companies.”

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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 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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