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Los Angeles Market Reports

Los Angeles Office Market

Average Asking Rent (Price/SF/Mo) $3.25
Vacancy Rate (%) 14.7%
Net Absorption (SF) 14,136

Arup leased 66,000 square feet at the Wilshire Grand Center in a relocation and expansion of its regional office from Playa Vista, while Spotify will leave West Hollywood for 100,000 square feet in the Arts District. Both leases are indicative of a larger trend, in which some Westside tenants, faced with higher rents, are pursuing more cost-effective options. Downtown's Class A asking rent averaged $3.73/SF during the quarter, compared with $5.89/SF in Santa Monica and $5.27/SF in Playa Vista.

Los Angeles Industrial Market

Average Asking Rent (Price/SF/Mo) $0.79
Vacancy Rate (%) 1.1%
Net Absorption (SF) 1,111,140

New construction leasing is driving the market's net absorption and is exerting upward pressure on rents. To provide more insight on which industries are active, NKF research maintains a list of leases signed in buildings that are 100,000 square feet or greater and have a 2010-plus construction date. Leasing activity in this set totaled 4.0 million square feet in the last 12 months, led by the following industries on a square footage basis: 3PLs and transport companies (28.4%), consumer goods (23.0%) and manufacturing (16.9%). All leases occurred in the in-fill markets of South Bay, Central and Mid-Cities, which offer reasonable proximity to the ports and Los Angeles' consumer population of 10.3 million.

Los Angeles Office Market Report
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Los Angeles Industrial Market Report
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