There haven't been too many bright spots in the office sector in Los Angeles this year.
The overall malaise continued in Q2 2024, with office leasing activity totaling 2.7M SF, a drop of 18% from the first quarter total of 3.2M in the first quarter, according to the latest market report from Savills.
The availability rate ticked down by slightly by 20 bps to 27.4%, which is still 120 bps higher than office availability in L.A. a year ago. The average asking rental rate also ticked down, to $3.90 per SF per month, from $3.94 the previous quarter.
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