Los Angeles Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $48.72 2024 Avg. Asking Rent
  • 0.90% Y-o-Y Avg. Asking Rent Change
  • 16.32% 2024 Office Vacancy Rate
  • $816.2M2024 Total Office Sales
  • $189.75Avg. Sale Price/SF

Los Angeles office price per square foot in 2024 was $48.72 on average. This marked a +0.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.32% across all asset classes combined. The 16 transactions that closed here throughout 2024 amounted to a total sale volume of $816.2M. Los Angeles office space commanded an average sale price per square foot of $189.75.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Los Angeles Class A & A+ Office Space$57.47
  • Los Angeles Class B Office Space$43.40
  • Los Angeles Class C Office Space$34.92
  • California Class A & A+ Office Space$60.31
  • California Class B Office Space$38.42
  • California Class C Office Space$26.20

Los Angeles, CA Office Asking Rents by Class

Average office rent in Los Angeles rested at $48.72 per square foot in 2024. 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 $57.47 per square foot. Across all submarkets, class B office space recorded an average asking rent of $43.40 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $34.92 per square foot, on average. Comparably, statewide California average office rents by class in 2024 were: $60.31 per square foot for class A office space; $38.42 per square foot for class B office space; $26.20 per square foot for class C office space.

2024 Office Vacancy Rates in Los Angeles

Submarket Asking Rents Vacancy Rates
Century City $89.78 7.47%
Pacific Palisades/Malibu $71.66 23.32%
West Hollywood $67.83 23.23%
Beverly Hills $67.33 15.84%
West Los Angeles $57.94 21.70%
Marina Del Rey $52.91 27.79%
East Los Angeles $50.98 26.40%
Hollywood $49.90 29.23%
Jefferson Corridor $49.11 19.28%
Culver City $48.83 32.45%
Westwood $48.11 19.47%
Wilshire Corridor $46.31 9.78%
Glendale $39.97 20.58%
Los Angeles CBD $38.01 10.44%
North Hollywood $36.59 36.24%
El Segundo $35.81 16.74%
Central San Fernando Valley $34.63 12.99%
Westlake $33.00 10.76%
Gateway Cities $32.23 4.40%
South Los Angeles $28.13 13.16%
LAX $27.04 20.79%
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 16.32% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Los Angeles was 4.40% in the Gateway Cities submarket, while the highest office vacancy in the market was 36.24%, recorded in North Hollywood.

Office Spaces for Rent in California

Los Angeles Office Sale Price per SF

  • $189.752024 Avg. Price per SF
  • $816.2M2024 Office Sales Volume
  • 162024 Number of Transactions

Los Angeles, CA Sale Price per SF Trend

  • Los Angeles Avg. Sale Price per SF in 2024$189.75
  • California Avg. Sale Price per SF in 2024$249.15
The sale price for office space in Los Angeles averaged $189.75 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $249.15 per square foot.

2024 Office Sales Volume

  • Los Angeles, CA Total Office Sales Volume in 2024 $816.2M
  • Los Angeles, CA Total Number of Office Sales Closed in 2024 16
A total of 16 deals closed on the Los Angeles office market in 2024, adding up to a yearly sales volume of $816.2M. Notably, the largest transaction on the market saw Gas Company Tower, The change hands for $200,000,000 on 12/5/2024.

Largest Los Angeles Office Sales in 2024

Property name Address Date Price
Gas Company Tower, The 555 West 5th Street 12/5/2024 $200,000,000
777 Tower 777 South Figueroa Street 7/31/2024 $120,000,000
Union Bank Plaza 445 South Figueroa Street 10/1/2024 $80,000,000
Annex, The 5340 Alla Road 5/17/2024 $50,250,000
7083 Hollywood Blvd 7083 Hollywood Blvd 6/3/2024 $25,500,000
Data provided by Commercial Edge

Coworking Spaces in California

2024 Office Construction in Los Angeles, CA

  • Los Angeles, CA Total SF completed in 2024 363,752
  • Los Angeles, CA Total SF under construction in 2025 584,791

During 2024, 363,752 square feet of new office space were delivered across the market. At the close of 2024, the Los Angeles office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 363,752 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 584,791 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Los Angeles
Office building Address SF Completed
Alloy 530 Mateo St., 90013 125,000 2024
The Q 6109 De Soto Ave, 91367 101,376 2024
1650 Euclid Street 1650 Euclid Street, 90404 65,398 2024
Casitas - North Campus 3333 Casitas Avenue, 90039 37,901 2024
Wrapper Tower 5790 West Jefferson Blvd, 90016 180,548 2023
843 North Spring Street 843 North Spring Street, 90012 122,380 2023
The Now 8497 West Sunset Blvd, 90069 27,575 2023
Westwood Executive/Medical Office 2154 Westwood Blvd, 90025 5,000 2023
Lumen West LA 11355 W. Olympic Blvd., 90064 550,403 2022
The Entrada 6181 Centinela Ave., 90230 314,951 2022

Worth noting among recent office completions on the Los Angeles market is Alloy, which is currently the largest new office development in the city, at 125,000 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.