Q4 2023: Los Angeles Office Market Report

Current net absorption numbers were negative 1.4 million square feet for the fourth quarter bringing the 12 month absorption down to negative 2.36 million square feet. In particular, Burbank showed a large increase in vacancy this quarter with negative 521,190 square feet and Downtown Los Angeles contributing negative 414,547 square feet, combining for two-thirds of the negative net absorption in the market. While Santa Monica and South Bay saw the largest positive net absorptions of the quarter with Santa Monica at 127,456 square feet and El Segundo with 66,874. 

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