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2021 Q3 West Los Angeles Office Research Report

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West Los Angeles Office Overview

  • Los Angeles overall vacancy increased another 130 basis points over the quarter to 19.7%.
  • The sublease availability rate has decreased over the past two quarters from 6% to 5%.
  • Sublease vacant space as a percent of overall is high in Santa Monica and Culver City.
  • Average asking rent growth was strong, with a 4.5% increase year over year.
  • Leasing momentum continued off of Q2, with an additional 1.3M SF of transactions in Q3.
  • Leasing activity year to date surpassed 3.7M SF, outpacing the amount recorded this time last year by 71.8%.
  • There are 2.5M SF of major office developments in the pipeline, all of which have target deliveries by the end of 2022.

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2021 Q3 West Los Angeles Office Research Report

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