Los Angeles Office Market Trends

Office Rental Market

  • $41.19 2019 Avg. Asking Rent
  • 11.08 % 2019 Avg. Vacancy Rate
  • 1,303,870 2019 Office Completions (Sqft)
  • 5,959,759 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Los Angeles was $41.19 per square foot, and the office vacancy rate across the market averaged 11.08 %. During 2019, developers added 1,303,870 square feet of new office space to the Los Angeles market inventory. Office developments estimated for delivery during 2020 total 5,959,759 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Los Angeles Class A Office Buildings$48.09
  • Los Angeles Class B Office Buildings$33.80
  • Los Angeles Class C Office Buildings$27.59
  • CA Class A Office Buildings$51.59
  • CA Class B Office Buildings$34.34
  • CA Class C Office Buildings$22.62

Los Angeles, CA Office Asking Rents by Class

Office asking rents vary across the Los Angeles office market depending on several factors, one of which is property class. While rents for Class A office buildings in Los Angeles averaged $48.09 per square foot in 2019, Class B office properties garnered average rental rates of $33.80 per square foot. Rental rates for Class C office property in Los Angeles averaged $27.59 per square foot. On a statewide level, Class B office space rents averaged $34.34 per square foot, while rents for Class A office space across California averaged $51.59 per square foot. On average, Class C office properties in California commanded rents of $22.62 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
Hollywood$57.816.23 %
Century City$57.043.30 %
Jefferson Corridor$54.968.79 %
West Los Angeles$53.895.35 %
Westwood$52.669.46 %
Culver City$48.069.79 %
Los Angeles CBD$42.7511.45 %
Wilshire Corridor$35.5314.88 %
East Los Angeles$34.2310.76 %
Westlake$30.839.37 %
LAX$26.4212.67 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Los Angeles was 3.30 % in the Century City submarket, where asking rents averaged $57.04.
  • The highest office vacancy rate in 2019 in Los Angeles was 14.88 % in the Wilshire Corridor submarket, where asking rents averaged $35.53.

OFFICE CONSTRUCTION IN Los Angeles, CA

  • Los Angeles, CA Total Sqft completed in 2019 1,303,870
  • Los Angeles, CA Total Sqft under construction in 2020 5,959,759
10 Largest Office Buildings in Los Angeles
Building name Address Total Sqft Year built
U.S. Bank Tower 633 West 5th Street, 90071 1,432,539 1990
2CAL 350 South Grand Avenue, 90071 1,420,000 1990
Bank of America Plaza 333 South Hope Street, 90071 1,405,428 1974
Wells Fargo Center North Tower 333 South Grand Avenue, 90071 1,400,639 1982
The Gas Company Tower 555 West 5th Street, 90013 1,345,163 1991
Century Plaza Tower South 2049 Century Park East, 90067 1,210,730 1973
Century Plaza Tower North 2029 Century Park East, 90067 1,210,730 1973
City National Plaza - North Tower 515 South Flower Street, 90071 1,171,979 1971
City National Plaza - South Tower 555 South Flower Street, 90071 1,170,416 1971
Century Plaza - North Tower 2029 Century Park East, 90067 1,127,025 1975
Largest Office Properties Recently Completed in Los Angeles
Office building Address Sqft Completed
NoHo West 6150 Laurel Canyon Blvd, 91606 397,538 2020
ROW DTLA Building 3 757 South Alameda Street, 90021 342,000 2020
Epic 5901 West Sunset Blvd, 90028 320,502 2020
WE3 5533 EA Way, 90094 192,070 2020
On Vine South 1341 Vine Street, 90028 192,000 2020
On Vine North & The Studio 1341 Vine Street, 90028 179,000 2020
8777 Washington 8777 Washington Blvd, 90232 129,500 2020
The Harlow 1001 North Seward Street, 90038 128,727 2020
Produce LA 640 South Santa Fe Avenue, 90021 122,590 2020
Fabric 755 South Los Angeles Street, 90014 110,428 2020
Data provided by Commercial Edge

Office Spaces for Rent in California

LOS ANGELES OFFICE SALES TRENDS

  • $483.102019 Avg. Price per Sqft
  • 2.14 %Y-o-Y Avg. PpSF Change
  • $1.2B2019 Office Sales Volume
  • 142019 Number of Transactions

In 2019, office sales in Los Angeles averaged $483.10 per square foot. This marked a 2.14 % increase in office price per square foot, compared to the previous year. A total of 14 office sales closed on the Los Angeles office market in 2019, amounting to a total sales volume of $1.2B.

Average Office Sale Price per Sqft

Los Angeles, CA Sales Trends

  • Los Angeles Price per Sqft$483.10
  • California Price per Sqft$437.86

Office Sales - Trend and Volume

  • Los Angeles, CA Total Office Sales Volume in 2019 $1.2B
  • Los Angeles, CA Total Number of Office Sales Closed in 2019 14

Largest Los Angeles Office Sales in 2019

Property name Address Date Price
Wilshire Courtyard East 5700 Wilshire Blvd 6/18/2019 $339,507,300
Wilshire Courtyard West 5750 Wilshire Blvd 6/18/2019 $290,492,700
Ford Factory, The 777 South Santa Fe Avenue 4/1/2019 $195,000,000
2100 West 3rd Street 2100 West 3rd Street 8/23/2019 $85,000,000
Brentwood Gateway 11611 San Vicente Blvd 5/9/2019 $58,000,000
Data provided by Commercial Edge

See trends for nearby markets

The Los Angeles office market contains an inventory of 118,314,100 square feet of office space, in 784 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.