Brookfield Properties is having a pretty good year with leasing velocity in its Downtown Los Angeles office portfolio. The firm expects to close the first quarter with 200,000 square feet in leasing activity in the market, including a 58,000-square-foot lease at Figueroa at Wilshire with Seyfarth Shaw LLP. This is all in an office market that continues to garner a 17%-plus vacancy rate, among the highest in Los Angeles. To get an inside look at the firm's leasing strategy and if it is concerned about the vacancy, we sat down with John Barganski, SVP of leasing at Brookfield Properties, for an exclusive interview.
GlobeSt.com: What has driven leasing activity in your portfolio for the last six months?
John Barganski: We have made some significant capital investments in the properties in the common areas and amenities that seem to resonate with people. That is compounded by the confidence in the traditional and new tenants coming to the market. They want to make commitments, and deals are happening faster. People have missed out on opportunities where traditionally they would have taken longer to study different opportunities downtown, and they have realized that they are going away. That has motivated people to move a little quicker and take advantage of the deals that are available.
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