Los Angeles

The Los Angeles office leasing market experienced a slight uptick in activity, mostly generated by large enterprise companies in technology and entertainment. Many companies will continue to implement work-from-home policies and shed office space to “right size.”

In spite of California’s partial re-opening in June, most large firms have postponed opening their offices until after Labor Day and in some cases October. Overall market activity is increasing and landlords continued to see an uptick in property inquiries and tours. Due to an increase in construction costs and materials, second-generation and/or plug-and-play opportunities are in high demand.

The U.S. economy is starting to see positive signs of improvement heading into the summer. Flexible office space solutions are increasingly becoming a key driver for companies’ short- and long-term strategies to return their workforce to the office place.

Even with many tenants hoping for workplace re-entry by Summer 2021, we are experiencing similar market fundamentals that were evident for most of 2020 – sustained increase in availability of commercial space due to lack of demand.

Commercial real estate leasing activity continues to decline at a historic rate. The office market has seen a dramatic influx of available sublease space over the last six months, a predictable sign of a weakening office market.

The effects of COVID-19 drastically reduced transaction activity in the commercial real estate industry during the 2nd Quarter. Occupiers put almost all real estate plans on hold due to uncertain economic conditions and Covid related occupancy issues.

Jim Travers, the Godfather of Tenant Rep, discusses how he got his start in New York commercial real estate, moving to Los Angeles in the 1970s when it was wide open, some of his biggest deals and Dissapointments and how the commercial real estate landscape has changed.

Chris is joined in the studio by Jim Travers, founder and chairman of Travers Cresa, a tenant-focused brokerage. Jim gets real about his long career in real estate, starting in New York in the 60's and then making the move to Los Angeles. Jim's "old school" approach to making deals and his willingness to embrace new technology have proven to be a successful combination for him, and he isn't shy to go into detail about how he conducts his business. A truly fun and engaging conversation!