Q2 2023 Los Angeles Office Market Report
Soft market fundamentals combined with questions on the long-term trajectory of office space demand has resulted in a bleak first half of 2023. However, vacancy numbers have begun to rebound after several quarters of negative absorption. Los Angeles County Office market saw 500,000 square feet of positive space absorption this quarter bringing the 12-month absorption down from -1,700,000 square feet to just over -1,000,000 square feet.
Rental rates continued their trend of holding relatively stable with a drop from $3.79 to $3.75. As more tenants continue to take advantage of the weakening office market conditions, it can be expected that rental rates will continue to come down until vacancy numbers stabilize and the market conditions, including projected demand become clearer.
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