Office availability hit 27.6%, rising 0.9% in Q1. Available sublease space surged to 10.8 million sq ft, as demand remained below pre-pandemic levels.
Majority of L.A.'s top 10 lease deals were renewals due to companies like big tech and media cutting back on office spending, opt for renewals, relocations, or new locations.
Office leasing surged in metro L.A. by 45%, but mostly driven by lease expirations and renewals rather than new deals, as companies maintain hybrid workplace strategies.
Despite office average rents rising to $3.94/sq ft/month, landlords facing historical high concessions might soon drop rents as they aggressively pursue occupancy, anticipating office property value declines.
#office-availability #office-leasing #property-values #los-angeles-real-estate #tech-industry-impact
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