The office vacancy rate in Los Angeles continues to rise, setting another historic high at 24.2% at the end of the first quarter, with an overall availability rate of nearly 30%.

Negative net absorption plummeted to minus 1,084,423 square feet due to persistent soft tenant demand. At the same time, average direct asking rates remained flat at $3.99 full-service gross (FSG), according to CBRE’s latest office market report for Greater Los Angeles (GLA).

The overall vacancy rate in the 33M-square-foot Downtown Los Angeles submarket topped 31%, with overall availability hitting 33.6% at the end of the first quarter.

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