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2021 Q4 West Los Angeles Office Research Report

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OFFheroWLA_Q421

2021 Q4 West Los Angeles Office Research Report

Key Takeaways

  • West Los Angeles overall vacancy decreased slightly over the quarter to 19.5%.
  • Positive net absorption in the Lower Westside helped this office market record some occupancy growth in Q4.
  • Leasing activity amounted to 1.5M SF in Q4 which is only slightly lower than the pre-pandemic quarterly average of 1.6M SF in 2019.
  • Total leasing in 2021 reached 5.4M SF, nearly doubling the amount of activity in 2020.
  • Average asking rent growth was strong with a 5.3% increase over the past year.
  • There are 2.7 MSF of major office developments in the pipeline, most of which have target deliveries by the end of 2022.

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2021 Q4 West Los Angeles Office Research Report

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