Overall vacancy reached new records and is 50 basis points higher than the previous peak in 2013 when it reached 17.8%. Many firms with upcoming lease expirations have opted to delay commitments with short-term renewals.
Map of the Base SF, Vacancy Rates, YTD Absorption, and Average Asking Rates of submarkets across the Greater Los Angeles Basin.
Downtown Los Angeles vacancy is up 130 basis points year-over-year, reaching 21%. Overall rent growth was flat over the year, with sublease rates decreasing slightly.
West Los Angeles vacancy increased another 120 basis points over the quarter to 16.6%. Sublease availability rose to 6.1%, higher than the Greater Los Angeles rate of 4%.
Hollywood/Wilshire Corridor vacancy increased another 120 basis points over the quarter to 24.5%. Over 60% of the vacancy in this office market is in Mid-Wilshire.