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Office Sector Finally Booms

LOS ANGELES—According to the 1Q15 office report from Cushman & Wakefield, the office sector is performing strongly with “only blue skies ahead,” according to Cushman's Petra Durnin.

By Kelsi Maree Borland | Updated on April 24, 2015

LOS ANGELES—The office sector in Los Angeles is hitting its stride, according to the 1Q15 office report from Cushman & Wakefield. The report shows that leasing activity in the L.A submarket as a whole is up 10.8% year-over-year, vacancy is down 2% and office rental rates are up 5.4%. Thanks to strong economic fundamentals, including a declining unemployment rate that came down nearly a percentage point since the same time last year, the report predicts a phenomenal year with growth over 2014.

“We’re in a really good place,” Petra Durnin, managing director of research at Cushman & Wakefield, tells GlobeSt.com. “Even though Los Angeles office markets perform very differently across the office landscape, the fabric that makes up Los Angeles is not as hard boundaried as it used to be. Thanks to the creative and tech industries, the lines are becoming blurred, and we have nano markets popping up.”

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