{"id":8177,"date":"2017-04-19T07:13:19","date_gmt":"2017-04-19T07:13:19","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=8177"},"modified":"2026-04-01T14:10:23","modified_gmt":"2026-04-01T11:10:23","slug":"la-office-sales-volume-drops-36-q1-2017","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/la-office-sales-volume-drops-36-q1-2017\/","title":{"rendered":"LA Office Sales Volume Drops 36% in Q1 2017"},"content":{"rendered":"<h4>Executive summary<\/h4>\n<ul>\n<li><a href=\"#salesvolume\">Q1 sales volume drops 36% year-over-year to $1.5 billion<\/a><\/li>\n<li><a href=\"#averageprice\">average price per square foot down 46% from Q4 2016 ($294)<\/a><\/li>\n<li><a href=\"#largestsale\">Warner Center buildings sell to Oaktree Capital in largest sale of Q1<\/a><\/li>\n<li><a href=\"#underway\">11 projects totaling 2.8 million square feet on track for Q2 delivery<\/a><\/li>\n<\/ul>\n<p>Following its <a href=\"https:\/\/www.commercialcafe.com\/blog\/la-county-office-report-total-sales-volume-hits-10-year-high\/\" target=\"_blank\" rel=\"noopener noreferrer\">most active year in a decade<\/a>, the Los Angeles office market\u00a0recorded a rather slow\u00a0first quarter in 2017, in terms of both sales volume and average price per square foot. However, with an unemployment rate of 4.8% as of February and solid job gains driving demand across all asset classes, office sales activity in L.A. County is likely to pick up the pace in the upcoming months.<\/p>\n<p>We used <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix<\/a> data to analyze all Q1 sales for office buildings larger than 50,000 square feet (see <a href=\"#methodology\">\u2018Methodology\u2019<\/a> section). We also looked at new office projects scheduled for completion in the second quarter of 2017, using the same data source.<\/p>\n<p>Despite the drop in sales volume in Q1, Los Angeles County fared better than other California office markets: the <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/san-francisco-county\/\" target=\"_blank\" rel=\"noopener noreferrer\">San Francisco County<\/a> office scene came in second, with $1.35 billion in sales volume in Q1, while the Bay Area market\u00a0was home to 17\u00a0deals totaling $1.30 billion. The slowest start of the year among the markets we analyzed was recorded in <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/sacramento\/\" target=\"_blank\" rel=\"noopener noreferrer\">Sacramento<\/a>, where just three office deals exceeded the $5 million mark, totaling $50 million in Q1 sales volume.<\/p>\n<h4 id=\"salesvolume\">Office Sales Volume Drops 36% Y-o-Y in Q1<\/h4>\n<p>Office sales volume in L.A. County totaled $1.5 billion in Q1 2017, a 36% drop year-over-year. Though\u00a0it\u00a0did not rise to the level recorded in Q1 2016, when 17 properties traded for $2.35 billion, the total sales volume in the first quarter of 2017 was nearly four times higher than the number recorded in Q1 2013 and 45% higher than in Q1 2015. A total of 22 office deals closed in the first three months of 2017, encompassing 5 million square feet of space and totaling $1.5 billion in dollar volume. By comparison, the market saw 21 office deals close in Q4 2016 for $3.29 billion\u2014the best quarter in the past\u00a0four years in terms of office sales.<\/p>\n<div class=\"infogram-embed\" data-id=\"q1_2017_los_angeles_county\" data-type=\"interactive\" data-title=\"Q1 2017 Los Angeles County\"><\/div>\n<p><script>!function(e,t,s,i){var n=\"InfogramEmbeds\",o=e.getElementsByTagName(\"script\"),d=o[0],r=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement(\"script\");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h4 id=\"averageprice\">Average Price per Square Foot Down\u00a046% from Q4 2016<\/h4>\n<p>The average price per square foot for a Los Angeles County office building dropped nearly 46% from Q4 2016, when assets traded at $539 per square foot. The average price rested at $294 in Q1 2017\u2014a 21% drop year-over-year and the lowest quarterly number since Q4 2015 (our calculation of the average per-square-foot price excluded partial stake, ground lease and portfolio deals). Nonetheless, the drastic drop in average per-square-foot prices is likely just a consequence of heavy new office construction in the area and rising vacancy rates&#8211;according to <a href=\"http:\/\/www.colliers.com\/-\/media\/6787180380be415284a54bd4734b2ca7.ashx\" target=\"_blank\" rel=\"noopener noreferrer\">Colliers<\/a>, there is currently 5.6 million square feet of new office development in the Los Angeles Basin market, most of which is scheduled for delivery in 2017.<\/p>\n<div class=\"infogram-embed\" data-id=\"average_sales_price_q1_2017_los_angeles\" data-type=\"interactive\" data-title=\"Average Sales Price Q1 2017 Los Angeles\"><\/div>\n<p><script>!function(e,t,s,i){var n=\"InfogramEmbeds\",o=e.getElementsByTagName(\"script\"),d=o[0],r=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement(\"script\");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h4 id=\"largestsale\">Largest Sale of Q1 \u2013 Warner Center Buildings Trade for $236M<\/h4>\n<div id=\"su_slider_6a08fbccaaa86\" class=\"su-slider su-slider-centered su-slider-pages-yes su-slider-responsive-yes\" style=\"width:100%\" data-autoplay=\"0\" data-speed=\"0\" data-mousewheel=\"true\"><div class=\"su-slider-slides\"><div class=\"su-slider-slide\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/21271-Burbank.jpg\"  target=\"_blank\" title=\"21271 Burbank Blvd.\"><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/21271-Burbank.jpg\" alt=\"21271 Burbank Blvd.\" \/><span class=\"su-slider-slide-title\">21271 Burbank Blvd.<\/span><\/a><\/div><div class=\"su-slider-slide\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/21281.jpg\"  target=\"_blank\" title=\"21281 Burbank Blvd.\"><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/21281.jpg\" alt=\"21281 Burbank Blvd.\" \/><span class=\"su-slider-slide-title\">21281 Burbank Blvd.<\/span><\/a><\/div><div class=\"su-slider-slide\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/21301.jpg\"  target=\"_blank\" title=\"21301 Burbank Blvd.\"><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/21301.jpg\" alt=\"21301 Burbank Blvd.\" \/><span class=\"su-slider-slide-title\">21301 Burbank Blvd.<\/span><\/a><\/div><div class=\"su-slider-slide\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/5700.jpg\"  target=\"_blank\" title=\"5700 Canoga Ave.\"><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/5700.jpg\" alt=\"5700 Canoga Ave.\" \/><span class=\"su-slider-slide-title\">5700 Canoga Ave.<\/span><\/a><\/div><div class=\"su-slider-slide\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/5820.jpg\"  target=\"_blank\" title=\"5820 Canoga Ave.\"><img decoding=\"async\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/5820.jpg\" alt=\"5820 Canoga Ave.\" \/><span class=\"su-slider-slide-title\">5820 Canoga Ave.<\/span><\/a><\/div><\/div><div class=\"su-slider-nav\"><div class=\"su-slider-direction\"><span class=\"su-slider-prev\"><\/span><span class=\"su-slider-next\"><\/span><\/div><div class=\"su-slider-pagination\"><\/div><\/div><\/div>\n<p>There were 22 office deals over $5 million and exceeding 50,000 square feet to trade on the <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener noreferrer\">Los Angeles office market<\/a> in the first months of 2017, for a total sales volume of $1.5 billion. The largest office transaction recorded in Q1 closed in February, when Oaktree Capital Management paid $236 million to Hines Interests for five buildings within the Warner Center development in <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/los-angeles\/woodland-hills\/\" target=\"_blank\" rel=\"noopener\">Woodland Hills, Calif.<\/a> The office properties located at 21271, 21281 and 21301 Burbank Blvd.\u00a0traded alongside\u00a05700 and 5820 Canoga Ave.\u00a0for $291 per square foot, together with two parking garages, according to <em><a href=\"https:\/\/therealdeal.com\/la\/2017\/02\/10\/hines-sells-5-lnr-warner-center-buildings-to-oaktree-capital-for-235-5m\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Real Deal<\/a><\/em>. Woodland Hills was home to two other large Q1 office sales\u2014the $51 million sale of 21021 and 21031 Ventura Blvd. and the $22 million sale of <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ca\/woodland-hills\/6200-canoga\/\" target=\"_blank\" rel=\"noopener noreferrer\">6200 Canoga Ave.<\/a> Los Angeles was the setting for five office transactions so far in 2017, the largest one being the $168 million sale of three Malibu and Playa Vista assets to Chicago-based LaSalle Investment Management. <em>Check out the full list of large Q1 office transactions below:<\/em><\/p>\n\n<table id=\"tablepress-14\" class=\"tablepress tablepress-id-14\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Address<\/th><th class=\"column-2\">City<\/th><th class=\"column-3\">Sale Price<\/th><th class=\"column-4\">Buyer<\/th><th class=\"column-5\">Seller<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">21271, 21281 &amp; 21301 Burbank Blvd, 5700 &amp; 5820 Canoga Avenue<\/td><td class=\"column-2\">Woodland Hills<\/td><td class=\"column-3\">$235,500,000<\/td><td class=\"column-4\">Oaktree Capital Management<\/td><td class=\"column-5\">Hines Interests<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">655 North Central Avenue<\/td><td class=\"column-2\">Glendale<\/td><td class=\"column-3\">$179,000,000<\/td><td class=\"column-4\">DivcoWest<\/td><td class=\"column-5\">PGIM Real Estate<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">5340 Alla Road, 12901 West Jefferson Blvd, 22619 Pacific Coast Hwy<\/td><td class=\"column-2\">Los Angeles<\/td><td class=\"column-3\">$168,000,000<\/td><td class=\"column-4\">LaSalle Investment Management<\/td><td class=\"column-5\">Canyon Partners Real Estate + Pacshore Partners<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">1000, 1127-1131 South Fremont Avenue<\/td><td class=\"column-2\">Alhambra<\/td><td class=\"column-3\">$156,587,000<\/td><td class=\"column-4\">US-China Real Estate Investment Center<\/td><td class=\"column-5\">Ratkovitch Company<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">1450 San Pablo Street<\/td><td class=\"column-2\">Los Angeles<\/td><td class=\"column-3\">$112,000,000<\/td><td class=\"column-4\">University of Southern California<\/td><td class=\"column-5\">Doheny Eye Institute<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">611 North Brand Blvd<\/td><td class=\"column-2\">Glendale<\/td><td class=\"column-3\">$83,000,000<\/td><td class=\"column-4\">Onni Group<\/td><td class=\"column-5\">U.S. Bank - REO<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">300, 400, 430, 440, 450 East Huntington Drive<\/td><td class=\"column-2\">Arcadia<\/td><td class=\"column-3\">$62,070,000<\/td><td class=\"column-4\">China Oil USA<\/td><td class=\"column-5\">Bend Properties<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">2411 West Olive Avenue<\/td><td class=\"column-2\">Burbank<\/td><td class=\"column-3\">$52,500,000<\/td><td class=\"column-4\">Menlo Equities<\/td><td class=\"column-5\">TIER REIT<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">1314 7th Street<\/td><td class=\"column-2\">Santa Monica<\/td><td class=\"column-3\">$52,500,000<\/td><td class=\"column-4\">DivcoWest<\/td><td class=\"column-5\">Pacshore Partners + Alcion Ventures <\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">2300 East Imperial Hwy<\/td><td class=\"column-2\">El Segundo<\/td><td class=\"column-3\">$52,000,000<\/td><td class=\"column-4\">Live Oak Properties\u00a0<\/td><td class=\"column-5\">Uniwell Corporation<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">21021 &amp; 21031 Ventura Blvd<\/td><td class=\"column-2\">Woodland Hills<\/td><td class=\"column-3\">$51,125,000<\/td><td class=\"column-4\">The Somerset Group<\/td><td class=\"column-5\">Equity Office Properties Trust<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">200 South Los Robles Avenue<\/td><td class=\"column-2\">Pasadena<\/td><td class=\"column-3\">$46,000,000<\/td><td class=\"column-4\">J. Iloulian Rugs<\/td><td class=\"column-5\">American Realty Advisors<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">3330 Cahuenga Blvd West<\/td><td class=\"column-2\">Los Angeles<\/td><td class=\"column-3\">$35,999,500<\/td><td class=\"column-4\">4M Investments<\/td><td class=\"column-5\">Equity Office Properties Trust<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">3402 Pico Blvd, 2403 Centinela Avenue<\/td><td class=\"column-2\">Santa Monica<\/td><td class=\"column-3\">$35,000,000<\/td><td class=\"column-4\">Cypress Creek Renewables<\/td><td class=\"column-5\">Hudson Pacific Properties<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">10585 &amp; 10635 Santa Monica Blvd<\/td><td class=\"column-2\">Los Angeles<\/td><td class=\"column-3\">$33,428,000<\/td><td class=\"column-4\">Onni Group<\/td><td class=\"column-5\">Alaska Permanent Fund<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">4330 Park Terrace Drive<\/td><td class=\"column-2\">Westlake Village<\/td><td class=\"column-3\">$26,750,000<\/td><td class=\"column-4\">A group of investors<\/td><td class=\"column-5\">Barker Pacific Group<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">9320 Telstar Avenue<\/td><td class=\"column-2\">El Monte<\/td><td class=\"column-3\">$26,000,000<\/td><td class=\"column-4\">Charles Company<\/td><td class=\"column-5\">Kennedy Wilson<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">6700 East Pacific Coast Hwy<\/td><td class=\"column-2\">Long Beach<\/td><td class=\"column-3\">$24,000,000<\/td><td class=\"column-4\">ValueRock Realty Partners<\/td><td class=\"column-5\">Colton Company, The<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">6200 Canoga Avenue<\/td><td class=\"column-2\">Woodland Hills<\/td><td class=\"column-3\">$22,000,000<\/td><td class=\"column-4\">Gelb Group<\/td><td class=\"column-5\">Maxxam Enterprises<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">520 North Central Avenue<\/td><td class=\"column-2\">Glendale<\/td><td class=\"column-3\">$19,565,000<\/td><td class=\"column-4\">Lincoln Property Company + Long Wharf Capital<\/td><td class=\"column-5\">PGIM Real Estate<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">225 East Colorado Blvd<\/td><td class=\"column-2\">Pasadena<\/td><td class=\"column-3\">$15,000,000<\/td><td class=\"column-4\">ANDA Realty Capital<\/td><td class=\"column-5\">Barker Pacific Group<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">3731 Stocker Street<\/td><td class=\"column-2\">Los Angeles<\/td><td class=\"column-3\">$13,327,500<\/td><td class=\"column-4\">Sharp Capital + Cole Capital Group <\/td><td class=\"column-5\">represented by\u00a0Dunn Property Group<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h4 id=\"underway\">What\u2019s Next? Office Projects on Track for Q2 Delivery<\/h4>\n<p>There are currently 11 large office developments totaling 2.8 million square feet scheduled for completion in Q2 2017, 8 of them located in <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener noreferrer\">Los Angeles<\/a>. The largest project to come online in Q2 will also be the tallest building in L.A. and California and the tallest building west of the Mississippi River: Hanjin International\u2019s 73-story Wilshire Grand Center at 900 Wilshire Blvd. The 1,100-foot skyscraper has surpassed the U.S. Bank Tower by 82 feet, and is scheduled for completion in late May. The developer is a subsidiary of South Korea-based Hanjin Group, which is also the parent company of the <a href=\"https:\/\/www.wsj.com\/articles\/hanjin-shipping-is-declared-bankrupt-1487296151\" target=\"_blank\" rel=\"noopener noreferrer\">now-bankrupt<\/a> Hanjin Shipping.<br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/corinat.carto.com\/builder\/8a4a8160-241e-11e7-a38b-0ecd1babdde5\/embed\" width=\"100%\" height=\"520\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h4 id=\"methodology\">Methodology<\/h4>\n<ul>\n<li><em>Parameters: over 50,000 square feet, over $5 million in sale price;<\/em><\/li>\n<li><em>Transactions recorded up until April 12th, 2017;<\/em><\/li>\n<li><em>We excluded ground lease, ownership stake, controlling interest and portfolio deals from our calculation of the average price per square foot;<\/em><\/li>\n<li><em>Data source: Yardi Matrix.<\/em><\/li>\n<\/ul>\n<p>By Ioana Neamt<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Executive summary Q1 sales volume drops 36% year-over-year to $1.5 billion average price per square foot down 46% from Q4 2016 ($294) Warner Center buildings sell to Oaktree Capital in largest sale of Q1 11 projects totaling 2.8 million square feet on track for Q2 delivery Following its most active year in a decade, the&hellip;<\/p>\n","protected":false},"author":529,"featured_media":8231,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,42,38,39],"tags":[],"class_list":["post-8177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-market-reports","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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