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Los Angeles Office Space In-depth
The Greater Los Angeles office space market encompasses five counties and an estimated 17.7 million people. Net absorption statistics for office space in Los Angeles County proper started a negative trend back in 2007 with a negative +/- 400,000 square feet of office space in Q2, 2007 followed by a negative 1.4 million square in Q4, 2007. This offs... Read More
Los Angeles Office Space In-depth
The Greater Los Angeles office space market encompasses five counties and an estimated 17.7 million people. Net absorption statistics for office space in Los Angeles County proper started a negative trend back in 2007 with a negative +/- 400,000 square feet of office space in Q2, 2007 followed by a negative 1.4 million square in Q4, 2007. This offset the positive net absorption of Los Angeles office space for all of 2007. The primary start of the downturn is marked by the fallout of the residential backed mortgage securities industry and collapse of major financial players such as IndyMac and countless others with office space in Los Angeles.
As the country continues to fight its way out of a recession, Los Angeles continues to add to the negative net absorption numbers for 2009 and what looks to be negative net absorption well into 2010. Some of this can be contributed to newly constructed office projects that have recently come online with another 4 million square feet to be added in late 2009 – 2010. It is estimated that as of June, 2009 that that roughly 420 million square feet of office space is available for sale or lease across 16,000 or so Los Angeles County buildings. More than half of this vacant office space across the county is comprised of class B or better office buildings weighted heavily for newly constructed class A suburban office starts.
Los Angeles office space is generally leased for periods of 3-5 years. Longer term leases in the 7-10 year range are generally required for leases of 100,000 square feet or more due to the need to amortize tenant improvements provided by landlords over an extended period of time. Los Angeles office space is can be rented by the month in smaller executive office suites. Executive office suites offer the most flexible office lease terms but are generally more expensive than traditional office space as employee headcounts reach 7 or more.
Los Angeles Office Space is a dynamic marketplace that changes daily. For example, as bad as the commercial real estate market in Los Angeles County is right now, office space in the central business district has recently seen a small net positive absorption of a few hundred thousand feet. We hope that you subscribe to our free commercial property listings database service and signup to receive real time notifications as conditions change for commercial office space in the area.
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