2022 Q3 West Los Angeles Office Research Report
Sublease availability remained high at 5.1% in West Los Angeles, representing over 3.2M SF. The market has approximately 680,000 SF of this sublease space in Marina Del Rey & Venice. Because of this, over a quarter of the total office space in West Los Angeles is available for lease. The redevelopment of the Westside shopping mall delivered fully occupied, fueling growth and turning net absorption positive. Year-to-date leasing activity reached 4.2M SF, outpacing the amount recorded this time in 2021. Over 35% of this activity occurred in the desirable Silicon Beach stretch, which includes Santa Monica, Marina Del Rey & Venice. Since the beginning of the year, the rise of sublease space caused the average asking rent in West Los Angeles to decrease for the second consecutive quarter. Available sublease space will need to drop significantly for the West Los Angeles office market to recover.