Los Angeles Office Market
| Average Asking Rent (Price/SF/Mo) | $3.67 |
| Vacancy Rate (%) | 19.2% |
| Net Absorption (SF) | 452,549 |
The pandemic has had multiple impacts on commercial real estate, with the growing popularity of low-rise campus style product being one of the principal narratives. In lieu of this, Century City, a high-rise market, has been thriving. Century City’s average asking rent is the highest in the metro, concession offerings are less generous relative to other areas and its vacancy is among the lowest on the Westside.
Los Angeles Industrial Market
| Average Asking Rent (Price/SF/Mo) | $1.19 |
| Vacancy Rate (%) | .9% |
| Net Absorption (SF) | 1,386,451 |
Five of this quarter’s top 10 move-ins came from companies occupying newly delivered space that was leased prior to delivery. The five companies include: DSV-Panalpina (295,000 square feet); Omni Logistics (251,606 square feet); Tire’s Warehouse (169,854 square feet); Lief Labs (a 111,260-square-foot build-to-suit); and AT Worldwide (111,260 square feet).