There were a few signs of improvement in the office market in Greater Los Angeles in the first quarter, but you have to drill down into some gloomy numbers to find them.
On the negative side, the vacancy rate in Greater L.A. remains at nearly 24%. An additional 2.4M SF of space was put on the market in the first quarter, increasing total office availability 110 bps to another record high of 28.3%, according to the latest market report from Colliers.
The office market in Los Angeles recorded its third consecutive quarter of negative net absorption that was more than minus 1M SF—the Q1 tally dropped to minus 1M from the Q4 total of 1.12M—but the first quarter tally includes more than 424K SF of new supply, whereas no new supply arrived in the fourth quarter.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
