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West L.A. Office Recovers in 2Q

After a stagnant 1Q, driven by new office deliveries, the West L.A. office market improved in the second quarter and continues to be a market leader.

The West L.A. office market has rebounded from its first quarter slowdown. According to the second quarter report from Colliers International, asking monthly rent in West Los Angeles increased to $4.46 (full service growth) per square foot, an increase of 5.7% year-over-year. Absorption was also strong in the quarter, with 341,300 square feet of leasing activity, driving vacancy down. Investment activity saw the most impressive increase, increasing five times over the first quarter with nearly 1,228.3 million square feet trading hands. With such strong activity in the second quarter following a meek start to the year, we wondered if this means more stagnant growth. Nico Vilgiate, EVP at Colliers International, sat down with us for an exclusive interview to talk more about the market.

GlobeSt.com: Is the West L.A. market hitting a plateau?

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Kelsi Maree Borland

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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