Los Angeles Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $46.17 2021 Avg. Asking Rent
  • 16.53% 2021 Office Vacancy Rate
  • $479.9M2021 Total Office Sales
  • $484.38Avg. Sale Price/SF

Los Angeles office price per square foot in 2021 was $46.17 on average. The local office market recorded an average vacancy rate of 16.53% across all asset classes combined. The 15 transactions that closed here throughout 2021 amounted to a total sale volume of $479.9M. Los Angeles office space commanded an average sale price per square foot of $484.38.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Los Angeles Class A & A+ Office Space$52.86
  • Los Angeles Class B Office Space$39.25
  • Los Angeles Class C Office Space$30.90
  • California Class A & A+ Office Space$55.83
  • California Class B Office Space$37.04
  • California Class C Office Space$33.83

Los Angeles, CA Office Asking Rents by Class

Average office rent in Los Angeles rested at $46.17 per square foot in 2021. 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 $52.86 per square foot. Across all submarkets, class B office space recorded an average asking rent of $39.25 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $30.90 per square foot, on average. Comparably, statewide California average office rents by class in 2021 were: $55.83 per square foot for class A office space; $37.04 per square foot for class B office space; $33.83 per square foot for class C office space.

2021 Office Vacancy Rates in Los Angeles

Submarket Asking Rents Vacancy Rates
Century City $65.18 9.77%
Culver City $58.75 27.31%
Hollywood $56.27 15.01%
Jefferson Corridor $55.55 12.08%
West Los Angeles $52.61 13.41%
Westwood $49.57 21.25%
Wilshire Corridor $46.45 16.31%
East Los Angeles $44.97 18.21%
Los Angeles CBD $44.31 18.76%
Westlake $32.41 9.16%
LAX $28.39 22.27%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Los Angeles market was 16.53% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Los Angeles was 9.16% in the Westlake submarket, while the highest office vacancy in the market was 27.31%, recorded in Culver City.

Office Spaces for Rent in California

Los Angeles Office Sale Price per SF

  • $484.382021 Avg. Price per SF
  • 6.84%Y-o-Y Avg. PpSF Change
  • $479.9M2021 Office Sales Volume
  • 152021 Number of Transactions

Los Angeles, CA Sale Price per SF Trend

  • Los Angeles Avg. Sale Price per SF in 2021$484.38
  • California Avg. Sale Price per SF in 2021$431.23
Los Angeles office space cost in 2021 marked a +6.84% change compared to the previous year. The sale price for office space in Los Angeles averaged $484.38 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $431.23 per square foot.

2021 Office Sales Volume

  • Los Angeles, CA Total Office Sales Volume in 2021 $479.9M
  • Los Angeles, CA Total Number of Office Sales Closed in 2021 15
A total of 15 deals closed on the Los Angeles office market in 2021, adding up to a yearly sales volume of $479.9M. Notably, the largest transaction on the market saw 1440 South Sepulveda Blvd change hands for $65,000,000 on 10/1/2021.

Largest Los Angeles Office Sales in 2021

Property name Address Date Price
1440 South Sepulveda Blvd 1440 South Sepulveda Blvd 10/1/2021 $65,000,000
1355 San Pablo Street 1355 San Pablo Street 11/12/2021 $57,000,000
3000 South Robertson Blvd 3000 South Robertson Blvd 11/4/2021 $55,950,000
Switchyard - 500 South Santa Fe Avenue, The 500 South Santa Fe Avenue 5/20/2021 $48,000,000
7000 Romaine Street 7000 Romaine Street 12/8/2021 $40,000,000
Data provided by Commercial Edge

Coworking Spaces in California

2021 Office Construction in Los Angeles, CA

  • Los Angeles, CA Total SF completed in 2021 1,315,654
  • Los Angeles, CA Total SF under construction in 2022 1,736,194

During 2021, 1,315,654 square feet of new office space were delivered across the market. At the close of 2021, the Los Angeles office inventory included 13 buildings equal to or larger than 25,000 square feet, which comprised 1,315,654 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 1,736,194 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Los Angeles
Office building Address SF Completed
West Edge 12101 West Olympic Blvd, 90064 249,882 2023
(W)rapper Tower 5790 West Jefferson Blvd, 90016 180,548 2023
Palisades Village Center 881 Alma Real Drive, 90272 89,755 2023
800 Traction Avenue 800 Traction Avenue, 90013 63,100 2023
2130 Violet St. 2130 Violet St., 90021 113,000 2022
3101 Exposition Blvd 3101 Exposition Blvd, 90018 94,082 2022
Synapse 8888 Washington Blvd, 90232 66,875 2022
West End 10730 West Pico Blvd, 90064 232,489 2021
1850 Sawtelle Blvd 1850 Sawtelle Blvd, 90025 32,945 2021
5788 West Adams Blvd 5788 West Adams Blvd, 90016 25,454 2021

Worth noting among recent office completions on the Los Angeles market is West Edge, which is currently the largest new office development in the city, at 249,882 square feet.

Data provided by Commercial Edge

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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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.