2022 Q1 West Los Angeles Office Research Report
- West Los Angeles was the only office market in Los Angeles to record positive net absorption in Q1, finishing with 627,854 SF of occupancy gains.
- Major construction completions caused the overall vacancy rate to increase by 50 basis points over the quarter.
- Leasing activity reached over 1.4M SF in Q1, slightly lower than the pre-pandemic quarterly average of 1.6M SF in 2019.
- Year-over-year rent growth was strong in Santa Monica, Brentwood, Marina Del Rey and Venice.
- There are 2.2M SF of major office developments in the pipeline, most of which have target deliveries by the end of 2022.