q1 2021 market reports

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GREATER LOS ANGELES

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.
 

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greater los angeles Office market activity

Map of the Base SF, Vacancy Rates, YTD Absorption, and Average Asking Rates of submarkets across the Greater Los Angeles Basin.

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Downtown Los Angeles

Downtown Los Angeles overall vacancy increased another 80 basis points to 21%, surpassing the previous peak of 20.5% in 2015. Overall rent growth was flat over the year with Class A rates decreasing by 2.2%.

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WEST Los Angeles

West Los Angeles overall vacancy increased another 120 basis points over the quarter to 18.7% The sublease availability rate retracted to 5.5%, down from 6% in Q1 2021. 

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hollywood/

wilshire corridor

Hollywood/Wilshire Corridor vacancy increased another 50 basis points over the quarter to 25.2%. Over 60% of the vacancy in this office market is in Mid-Wilshire.