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 vacancy is up 130 basis points year-over-year, reaching 21%. Overall rent growth was flat over the year, with sublease rates decreasing slightly. 

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WEST Los Angeles

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%.

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hollywood/

wilshire corridor

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.