However, the lack of an emergent and dominant economic driver, as seen in past recoveries, may lead to a much more narrow rent gap between West side and downtown properties, the firm adds.

Tony Morales, managing director for JLL, tells GlobeSt.com that downtown's transformation and a pending major deal could lead to more rent volatility in the area.

“The biggest event that can change the market dynamics in downtown L.A. is the pending Brookfield acquisition of MPG Office Trust,” says Morales, noting that the deal still must be approved this summer by shareholders. “Brookfield will then own 8.4 million square feet out of downtown L.A.'s best 20 million square feet of inventory.”

Technically, that could give them the ability to increase rents. But Morales calls that a “big 'if'. They would need to experience positive absorption of nearly one million square feet, and that is unlikely, based on downtown L.A. historic absorption trends.”

On the West side, landlords are trying to limit potential rent volatility by taking a closer look at prospective tech and media tenants, asking for business plans and, where available, historical financials, Morales says.

Workplace changes toward more open offices and collaborative space may also put a damper on downtown rent volatility, Morales says. “It's happening already, but not as fast as people think. Open offices and collaborative space tend to attract more entrepreneurial firms, and these firms are less likely to lease space in traditional institutional buildings. So there are limits to the real absorption of traditional office space in downtown by the tenants who are experiencing the biggest growth in the basin.”

As previously reported by GlobeSt.com, West side creative office space rents are spiking, causing firms to look outside the beach box for space.