Los Angeles leads the nation with over 70,000 square feet of federal office leases canceled in 2023, as reported by Avison Young. These cancellations, primarily managed by the General Services Administration, highlight a significant shift in stability for federal tenants. L.A. accounts for 21% of the total square footage canceled outside Washington, D.C., impacting key agencies such as the Federal Highway Administration and U.S. Food and Drug Administration. Other regions like Ventura County and Orange County have also experienced lease cancellations, contributing to the crisis of federal office spaces nationwide.
"Los Angeles leads the country in federal office spaces lost to canceled leases, with more than 70,000 square feet canceled this year by the General Services Administration."
"In California, L.A. accounts for 21 percent of the total 337,785 square feet of federal office space cancellations occurring outside of Washington, D.C."},{
"Agencies affected by these lease cancellations include the Federal Highway Administration and the U.S. Food and Drug Administration, leaving their operations in jeopardy."
"While Washington D.C. has seen the most cancellations at nearly 1.5 million square feet, Greater Los Angeles has seen less than 150,000 square feet cancelled this year."
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