West Los Angeles office market reports

Q3 2024

The West Los Angeles office market saw a decrease in leasing volume, with a total of 883,674 square feet leased. This is nearly a 50% decrease from Q1 2024, which had nearly 1.56 million square feet of office space leased. The leasing slowdown in Q3 can be attributed to a decrease in renewals, with only two significant renewals executed for about 78,000 square feet. This is the second straight quarter of leasing volume decreasing after a successful Q1.

883k sf

Leasing volume

Leasing activity in West Los Angeles has decreased for a second straight quarter, with 883,674 total square feet of deals completed.

-58k sf

Net absorption

Q3 2024 net absorption for the West Los Angeles office market dropped into the negative at -58,300 square feet, following a Q2 positive value of 140,612 square feet.

$3.97b

Maturing debt

Over the course of the next three years, there is almost $4 billion in CMBS loans set to mature in West Los Angeles. With many of these being Trophy & Class A office and development loans issued during the pandemic and post-pandemic periods, a record-high number of loans are now reaching maturity.

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