The Greater Los Angeles Basin office market posted positive demand of 2.2 million square feet for the year. Construction deliveries of 3.2 million square feet have caused vacancy to jump 30 basis points to 14.2% from the start of the year.
The overall asking rental rate rose to $3.63 per square foot (PSF) full service gross (FSG), an increase of 3.5% year-over-year.
The average rent in Hollywood/Wilshire Corridor at the end of 2019 rose to $2.90 per square foot (PSF) full service gross (FSG), a $0.10 difference from last quarter.
The average asking monthly rent for West Los Angeles increased every quarter in 2019, finishing at $4.93 per square foot (PSF) full service gross (FSG).
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