Los Angeles Office Rent Price & Sales Report

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%
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 15.62% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Los Angeles was 5.05% in the Westlake submarket, while the highest office vacancy in the market was 47.13%, recorded in Pacific Palisades/Malibu.

Office Spaces for Rent in California

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
Los Angeles office space cost in 2022 marked a +4.89% change compared to the previous year. The sale price for office space in Los Angeles averaged $508.07 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $396.51 per square foot.

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
A total of 16 deals closed on the Los Angeles office market in 2022, adding up to a yearly sales volume of $717.9M. Notably, the largest transaction on the market saw 800 South Hope change hands for $130,000,000 on 12/9/2022.

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
Data provided by Commercial Edge

Coworking Spaces in California

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.

Largest Office Properties Recently Completed in Los Angeles
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.

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 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.