2022 Q2 West Los Angeles Office Research Report
West Los Angeles overall vacancy decreased by 20 basis points to 19.8% after reaching a peak high of 20% in Q1. Sublease availability remains elevated, increasing by another 50 basis points to 5.2%. Leasing activity in Q2 reached 1.5M SF, which was on par with the amount of activity in the previous quarter and close to the pre-pandemic quarterly average of 1.6M SF. Net absorption has been positive for three consecutive quarters in West Los Angeles. Occupancy growth in Santa Monica and Century City helped this office market post 88,532 SF of net absorption. The largest leases signed in Q2 were in these Westside submarkets. Amazon signed a 207,000-SF lease in Santa Monica, expanding its footprint at the Water Garden complex which has become a prime location for media and technology office tenants. First Republic Bank executed a renewal and expansion in Century City where the average asking rent is up 3.8% year over year. The West Los Angeles development pipeline has diminished, falling below 2M SF of office projects.