2022 Office Space Rent & Sales
- $51.71 2022 Avg. Asking Rent
- 15.62% 2022 Office Vacancy Rate
- $717.9M2022 Total Office Sales
- $508.07Avg. Sale Price/SF
Los Angeles office price per square foot in 2022 was $51.71 on average. The local office market recorded an average vacancy rate of 15.62% across all asset classes combined. The 16 transactions that closed here throughout 2022 amounted to a total sale volume of $717.9M. Los Angeles office space commanded an average sale price per square foot of $508.07.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Los Angeles Class A & A+ Office Space$59.59
- Los Angeles Class B Office Space$42.41
- Los Angeles Class C Office Space$56.33
- California Class A & A+ Office Space$59.32
- California Class B Office Space$37.75
- California Class C Office Space$25.55
Los Angeles, CA Office Asking Rents by Class
Average office rent in Los Angeles rested at $51.71 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Los Angeles averaged $59.59 per square foot. Across all submarkets, class B office space recorded an average asking rent of $42.41 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $56.33 per square foot, on average. Comparably, statewide California average office rents by class in 2022 were: $59.32 per square foot for class A office space; $37.75 per square foot for class B office space; $25.55 per square foot for class C office space.
2022 Office Vacancy Rates in Los Angeles
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Century City | $76.12 | 5.45% |
Pacific Palisades/Malibu | $75.42 | 47.13% |
West Hollywood | $69.88 | 9.96% |
Beverly Hills | $68.20 | 15.40% |
Jefferson Corridor | $58.86 | 17.94% |
Westwood | $57.20 | 21.32% |
Hollywood | $56.92 | 18.05% |
East Los Angeles | $56.57 | 9.22% |
Culver City | $55.71 | 17.41% |
West Los Angeles | $55.14 | 15.94% |
Wilshire Corridor | $50.61 | 14.22% |
El Segundo | $48.77 | 9.57% |
Marina Del Rey | $48.42 | 17.39% |
Los Angeles CBD | $47.95 | 16.49% |
South Los Angeles | $39.68 | 24.01% |
North Hollywood | $39.67 | 27.02% |
Glendale | $38.15 | 14.82% |
Westlake | $33.00 | 5.05% |
Gateway Cities | $31.09 | 6.53% |
Central San Fernando Valley | $30.82 | 11.58% |
LAX | $26.82 | 22.23% |
Los Angeles Office Sale Price per SF
- $508.072022 Avg. Price per SF
- 4.89%Y-o-Y Avg. PpSF Change
- $717.9M2022 Office Sales Volume
- 162022 Number of Transactions
Los Angeles, CA Sale Price per SF Trend
- Los Angeles Avg. Sale Price per SF in 2022$508.07
- California Avg. Sale Price per SF in 2022$396.51
2022 Office Sales Volume
- Los Angeles, CA Total Office Sales Volume in 2022 $717.9M
- Los Angeles, CA Total Number of Office Sales Closed in 2022 16
Largest Los Angeles Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
800 South Hope | 800 South Hope Street | 12/9/2022 | $130,000,000 |
5500 West Jefferson | 5500 West Jefferson Blvd | 4/4/2022 | $105,500,000 |
6922 Hollywood | 6922 Hollywood Blvd | 10/21/2022 | $96,000,000 |
Deluxe Hollywood | 1350 North Western Avenue | 2/28/2022 | $93,000,000 |
Rolf K. McPherson Building | 1910 West Sunset Blvd | 2/14/2022 | $51,000,000 |
Coworking Spaces in California
- Los Angeles Coworking Space
- San Francisco Coworking Space
- San Diego Coworking Space
- East Bay Coworking Space
- Irvine Coworking Space
- Sacramento Coworking Space
- Oakland Coworking Space
- San Jose Coworking Space
- Long Beach Coworking Space
- Newport Beach Coworking Space
- Beverly Hills Coworking Space
- Carlsbad Coworking Space
- Pasadena Coworking Space
- Glendale Coworking Space
- Santa Monica Coworking Space
- Palo Alto Coworking Space
- Thousand Oaks Coworking Space
- Torrance Coworking Space
- Berkeley Coworking Space
- Fresno Coworking Space
- Santa Ana Coworking Space
- Santa Barbara Coworking Space
- Costa Mesa Coworking Space
- Ontario Coworking Space
- San Mateo Coworking Space
- El Segundo Coworking Space
- Orange Coworking Space
- Temecula Coworking Space
- Walnut Creek Coworking Space
2022 Office Construction in Los Angeles, CA
- Los Angeles, CA Total SF completed in 2022 1,443,212
- Los Angeles, CA Total SF under construction in 2023 1,032,265
During 2022, 1,443,212 square feet of new office space were delivered across the market. At the close of 2022, the Los Angeles office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 1,443,212 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 1,032,265 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Wrapper Tower | 5790 West Jefferson Blvd, 90016 | 180,548 | 2023 |
843 North Spring Street | 843 North Spring Street, 90012 | 122,380 | 2023 |
Palisades Village Center | 881 Alma Real Drive, 90272 | 89,755 | 2023 |
Casitas - South Campus | 3333 Casitas Avenue, 90039 | 76,909 | 2023 |
Casitas - North Campus | 3333 Casitas Avenue, 90039 | 40,634 | 2023 |
2130 Violet St. | 2130 Violet St., 90021 | 113,000 | 2022 |
3101 Exposition Blvd | 3101 Exposition Blvd, 90018 | 94,082 | 2022 |
Entrada | 6181 W. Centinela Ave., 90230 | 314 | 2022 |
West End | 10730 West Pico Blvd, 90064 | 232,489 | 2021 |
The Herald Examiner Building | 1111 South Broadway, 90015 | 90,758 | 2021 |
Worth noting among recent office completions on the Los Angeles market is Wrapper Tower, which is currently the largest new office development in the city, at 180,548 square feet.
See reports for other markets
- San Diego Office Rent Price
- San Francisco Office Rent Price
- San Jose Office Rent Price
- Sacramento Office Rent Price
- Irvine Office Rent Price
- Fresno Office Rent Price
- Sunnyvale Office Rent Price
- Santa Clara Office Rent Price
- Santa Monica Office Rent Price
- San Antonio Office Rent Price
- Charlotte Office Rent Price
- Atlanta Office Rent Price
- New York City Office Rent Price
- Denver Office Rent Price
- Seattle Office Rent Price
- Austin Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Los Angeles commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.