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2021 Q2 South Bay Office Research Report

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South Bay Office Overview

• South Bay year-to-date leasing amounted to 1.4 MSF, accounting for 25% of the Greater Los Angeles total.
• Half of South Bay leasing activity in 2021 was in El Segundo, where the Class A average asking rent hit $4.27 PSF per month.
• Overall vacancy increased another 110 basis points over the quarter to 23.3%.
• Sublease availability hiked to 3.4%, with the highest rate increase in El Segundo / Beach Cities.
• Average asking rates are up 6.2% year-over-year, the highest increase of a major submarket in Greater Los Angeles.
• Submarkets in South Bay other than El Segundo have struggled a bit as landlords make more of an effort to retain and attract tenants.

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2021 Q2 South Bay Office Research Report

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