In 2024, tenants displayed a notable trend of remaining in their current spaces, with significant lease renewals dominating the market and very few new deals being made.
The strength of the Westside office submarkets was evident, with average asking rental rates climbing 3.5 percent year-over-year, indicating strong demand despite broader market hesitance.
Snap's 10-year, 467,000-square-foot lease renewal at Santa Monica Business Park exemplified the trend of existing tenants opting for stability over new locations.
Despite challenges in Downtown Los Angeles, a significant lease by Southern California Gas Company suggests a potential stabilization, though Class A spaces average asking rents remained unchanged.
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