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Studley Paints Gloomy Office Lease Picture

LOS ANGELES-The Studley Office Market and Spacedata Report says L.A. office space is still lagging most major markets in its recession recovery.

By Bruce Haring | Updated on July 31, 2013

LOS ANGELES-The core consumers of L.A. office space–banks, law firms and the professional/business services sector–have remained cautious and focused on cutting costs, according to the Studley Office Market and Spacedata Report. That’s caused certain submarkets, particularly downtown and Century City, to have “a great deal” of excess space.

As such, the report says, L.A. is still lagging most major metro areas. Among the top 20 US metros, the region has the third-lowest office-using recovery rate. As of May, it had regained only 50.5% of the office-using jobs lost in the downturn, far less than the US recovery rate of 87.3%. Other major metros, such as Chicago and Atlanta, which also were lagging national trends a year ago, have since registered a burst of hiring and their recovery rates have pulled well ahead of the rate in Los Angeles.

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