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2021 Q2 West Los Angeles Office Research Report

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OFFheroWLA_Q221

West Los Angeles Office Overview

• West Los Angeles overall vacancy increased another 120 basis points over the quarter to 18.7%.
• The sublease availability rate retracted to 5.5%, down from 6% in Q1 2021.
• Sublease vacant space as a percent of overall is highest in Santa Monica.
• Rent growth was strongest in the beachside submarkets, especially in Marina Del Rey and Venice where average asking rates increased by 14.7% year-over-year due to more availabilities in Playa Vista office campuses.
• Leasing activity year-to-date surpassed 2 MSF, outpacing the amount recorded at mid-year 2020 by 19.7%.
• Over 2.7 MSF of new office developments in the pipeline is scheduled to deliver within the next 18 months.

OFFthumbWLA_Q221

2021 Q2 West Los Angeles Office Research Report

Download Report