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2022 Q2 South Bay Office Research Report

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2022 Q2 South Bay Office Research Report

Rent growth was strong throughout the pandemic in the South Bay compared to other major Los Angeles office markets. In Q2, however, the average asking rent decreased slightly to $3.25 PSF per month. Demand was healthy, as year-to-date leasing surpassed 1.0M SF with over half of the activity in El Segundo & Beach Cities. Skyryse leased 27,160 SF in El Segundo at 2030 Maple, bringing the office building to full occupancy. The aerospace startup is
expanding its headquarters in this submarket, which is the aerospace and defense hub in Los Angeles. Demand for office space is high among this industry, with large amounts of active requirements in the South Bay. Blue Shield of California signed the largest lease in this office market, committing to 71,753 SF at 3840 Kilroy Airport Way in Long Beach. Rents in the Long Beach Airport submarket have increased for six consecutive quarters, reaching $2.58 PSF per month and a year-over-year increase of 3.6%.

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2022 Q2 South Bay Office Research Report

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