2023 Office Space Rent & Sales
- $49.02 2023 Avg. Asking Rent
- 17.69% 2023 Office Vacancy Rate
- $600.7M2023 Total Office Sales
- $190.16Avg. Sale Price/SF
Los Angeles office price per square foot in 2023 was $49.02 on average. The local office market recorded an average vacancy rate of 17.69% across all asset classes combined. The 13 transactions that closed here throughout 2023 amounted to a total sale volume of $600.7M. Los Angeles office space commanded an average sale price per square foot of $190.16.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Los Angeles Class A & A+ Office Space$56.72
- Los Angeles Class B Office Space$41.63
- Los Angeles Class C Office Space$27.56
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Los Angeles, CA Office Asking Rents by Class
Average office rent in Los Angeles rested at $49.02 per square foot in 2023. 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 $56.72 per square foot. Across all submarkets, class B office space recorded an average asking rent of $41.63 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.56 per square foot, on average. Comparably, statewide California average office rents by class in 2023 were: $56.30 per square foot for class A office space; $37.45 per square foot for class B office space; $44.91 per square foot for class C office space.
2023 Office Vacancy Rates in Los Angeles
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Century City | $81.57 | 10.40% |
Beverly Hills | $68.14 | 16.25% |
Pacific Palisades/Malibu | $62.87 | 31.88% |
Jefferson Corridor | $60.67 | 21.62% |
West Los Angeles | $60.21 | 20.86% |
Westwood | $58.70 | 22.47% |
Hollywood | $57.92 | 20.32% |
West Hollywood | $55.92 | 13.02% |
Wilshire Corridor | $55.72 | 15.23% |
East Los Angeles | $54.46 | 15.53% |
Culver City | $53.89 | 25.49% |
El Segundo | $44.83 | 21.16% |
Los Angeles CBD | $41.55 | 18.14% |
Marina Del Rey | $41.37 | 17.28% |
North Hollywood | $39.31 | 25.49% |
Glendale | $38.39 | 15.10% |
South Los Angeles | $37.57 | 22.88% |
Central San Fernando Valley | $33.35 | 13.20% |
Westlake | $31.58 | 6.60% |
Gateway Cities | $30.42 | 5.56% |
LAX | $26.98 | 14.37% |
Los Angeles Office Sale Price per SF
- $190.162023 Avg. Price per SF
- $600.7M2023 Office Sales Volume
- 132023 Number of Transactions
Los Angeles, CA Sale Price per SF Trend
- Los Angeles Avg. Sale Price per SF in 2023$190.16
- California Avg. Sale Price per SF in 2023$256.51
2023 Office Sales Volume
- Los Angeles, CA Total Office Sales Volume in 2023 $600.7M
- Los Angeles, CA Total Number of Office Sales Closed in 2023 13
Largest Los Angeles Office Sales in 2023
Property name | Address | Date | Price |
---|---|---|---|
Union Bank Plaza | 445 South Figueroa Street | 3/31/2023 | $104,000,000 |
2100 West 3rd Street | 2100 West 3rd Street | 3/31/2023 | $75,000,000 |
801 South Grand Avenue | 801 South Grand Avenue | 3/22/2023 | $41,918,500 |
11175 Santa Monica Blvd | 11175 Santa Monica Blvd | 3/29/2023 | $31,500,000 |
Taft Building, The | 1680 Vine Street | 3/31/2023 | $28,000,000 |
Coworking Spaces in California
- Los Angeles Coworking Space
- San Francisco Coworking Space
- Las Vegas Coworking Space
- San Diego Coworking Space
- Seattle Coworking Space
- Phoenix Coworking Space
- Salt Lake City Coworking Space
- Irvine Coworking Space
- Sacramento Coworking Space
- Scottsdale Coworking Space
- Bellevue Coworking Space
- Long Beach Coworking Space
- Tacoma Coworking Space
- Carlsbad Coworking Space
- Newport Beach Coworking Space
- Oakland Coworking Space
- San Jose Coworking Space
- Pasadena Coworking Space
- Tucson Coworking Space
- Berkeley Coworking Space
- Palo Alto Coworking Space
2023 Office Construction in Los Angeles, CA
- Los Angeles, CA Total SF completed in 2023 796,580
- Los Angeles, CA Total SF under construction in 2024 601,675
During 2023, 796,580 square feet of new office space were delivered across the market. At the close of 2023, the Los Angeles office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 796,580 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 601,675 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
3855 Watseka | 3855 Watseka Avenue , 90232 | 165,566 | 2024 |
Forge at Alloy | 530 South Mateo Street, 90013 | 137,281 | 2024 |
Palisades Village Center | 881 Alma Real Drive, 90272 | 89,755 | 2024 |
2922 S Crenshaw | 2922 S Crenshaw Blvd, 90016 | 88,336 | 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 |
Casitas - South Campus | 3333 Casitas Avenue, 90039 | 76,909 | 2023 |
The Now | 8497 West Sunset Blvd, 90069 | 27,575 | 2023 |
Worth noting among recent office completions on the Los Angeles market is 3855 Watseka, which is currently the largest new office development in the city, at 165,566 square feet.
See reports for other markets
- San Francisco Office Rent Price
- San Diego Office Rent Price
- Sacramento Office Rent Price
- San Jose Office Rent Price
- Irvine Office Rent Price
- Fresno Office Rent Price
- Oakland Office Rent Price
- Palo Alto Office Rent Price
- Santa Monica Office Rent Price
- Pasadena Office Rent Price
- Redwood City Office Rent Price
- Walnut Creek Office Rent Price
- Santa Clara Office Rent Price
- Long Beach Office Rent Price
- Beverly Hills Office Rent Price
- Newport Beach 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.