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Analysis

Office Availability Rate Nears 27% in Los Angeles

Leasing activity sinks 15%, sublease availability approaches 11M SF.

Office leasing activity in Los Angeles dropped 15% in the second quarter to a total of $2.4M SF, trimming about 500K SF off the total in Q1 2023 as uncertainty rules the market and availability soars to record highs.

The persistence of hybrid work in the Los Angeles office market has pushed availability rates to a new record of 26.6%. Available sublease space also is pushing the envelope, increasing to 10.8M SF from the Q1 level of 10.4M SF, Savills reported.

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Jack Rogers

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