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2021 Q1 South Bay Office Research Report

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South Bay Office Key Takeaways

  • South Bay vacancy increased another 160 basis points over the quarter to 22.1%.
  • Sublease availability reached 2.8%, with the highest rate in Downtown Long Beach.
  • Net absorption was negative for four consecutive quarters, amounting to over 1 MSF of occupancy loss.
  • Average asking rates are up 4.9% year-over-year, the highest increase of any major market in Greater Los Angeles.
  • All major office developments in South Bay are occurring in El Segundo.
  • Activity was healthy with 674,442 SF of leasing as Beyond Meat and Belkin International signed significant leases in El Segundo.

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2021 Q1 South Bay Office Research Report

Download Report