The overall vacancy rate in Downtown Los Angeles hit 32.8% at the end of the third quarter as major office tenants continue to downsize their office footprints.
The latest to make the adjustment is Wedbush Securities, a Los Angeles-based financial services firm that will be vacating the 100K SF headquarters that it has occupied for the past 24 years in the namesake Wedbush Center at 1000 Wilshire Boulevard.
Wedbush is relocating its HQ to a 20K SF space on Lake Avenue in Pasadena that will be designed to accommodate the company's shift to a hybrid work schedule, the Los Angeles Times reported.
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