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2021 Q1 West Los Angeles Office Research Report

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West Los Angeles Office Key Takeaways

  • West Los Angeles vacancy increased another 120 basis points over the quarter to 16.6%.
  • Sublease availability rose to 6.1%, higher than the overall Greater Los Angeles rate of 4%.
  • Sublease vacant space as a percent of overall is especially high in Santa Monica and Culver City.
  • Rent growth was strongest in Marina Del Rey / Venice where average asking rates increased by 15.6% year-over-year due to more availabilities in Playa Vista office campuses.
  • Net absorption was negative for the fourth consecutive quarter, with Q1 recording the largest occupancy loss.
  • Vacancy is expected to trend upwards when major office developments come online throughout the rest of the year.

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2021 Q1 West Los Angeles Office Research Report

Download Report