Los Angeles Q3 2019 Market Report
The 3rd Quarter experienced similar characteristics as in past quarters. Technology and media companies along with co-working operators continued to take on more space, particularly on the Westside and parts of Hollywood and Burbank. With that said, the struggles of WeWork came to light as they delayed their IPO and experienced some internal turmoil. WeWork has been one of the most active players in the leasing market, and the 3rd Quarter was no different for them as they took on an additional 90,000 SF in downtown Santa Monica. Century City continues to see strong leasing activity with a limited amount of vacant full floors. Downtown Los Angeles drags behind in comparison to the Westside. The 4th Quarter will be watched closely as we will see the how the WeWork saga plays out and affects the local and national real estate markets.