q1 2021 market reports

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.
 

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.

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%.

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. 

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.