Office leasing activity in Los Angeles dropped 15% in the second quarter to a total of $2.4M SF, trimming about 500K SF off the total in Q1 2023 as uncertainty rules the market and availability soars to record highs.
The persistence of hybrid work in the Los Angeles office market has pushed availability rates to a new record of 26.6%. Available sublease space also is pushing the envelope, increasing to 10.8M SF from the Q1 level of 10.4M SF, Savills reported.
Despite lagging demand, overall average asking rents actually ticked up to $3.84 per square foot. However, Class A average asking rent gained a couple of pennies to $4.06 per SF.
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