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% |
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
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
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 |
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
- Santa Monica Coworking Space
- Newport Beach Coworking Space
- Long Beach Coworking Space
- San Jose Coworking Space
- Berkeley Coworking Space
- Pasadena Coworking Space
- Beverly Hills Coworking Space
- Carlsbad Coworking Space
- Palo Alto Coworking Space
- Glendale Coworking Space
- Torrance Coworking Space
- Costa Mesa Coworking Space
- Thousand Oaks Coworking Space
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.
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.
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
- Pasadena Office Rent Price
- Santa Ana Office Rent Price
- Beverly Hills Office Rent Price
- Long Beach Office Rent Price
- Thousand Oaks Office Rent Price
- Torrance Office Rent Price
- Burbank 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 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.