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2021 Q3 South Bay Office Research Report

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South Bay Office Overview

  • South Bay year-to-date leasing amounted to 2M SF, accounting for 21.6% of the greater Los Angeles total.
  • Half of South Bay leasing activity in 2021 was in El Segundo & Beach Cities, where the Class A average asking rate reached a historic high of $4.28 PSF per month.
  • Overall vacancy stayed at 23% and sublease availability at 3.1% over the quarter, both of which had been increasing since Q1 2020.
  • While many other Los Angeles office markets recorded occupancy losses in Q3, net absorption in South Bay was relatively flat.
  • Average asking rates are up 4.8% year over year, the highest annual increase in greater Los Angeles.
  • Submarkets in South Bay other than El Segundo & Beach Cities have struggled, as landlords have to make more of an effort to attract and retain tenants.

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2021 Q3 South Bay Office Research Report

Download Report