Los Angeles, CA Office Overview
The prosperous Los Angeles real estate scene includes the Downtown Los Angeles, Santa Monica, and Hollywood commercial real estate submarkets. With a metropolitan population of over 13 million residents and gross metropolitan product of $866 billion, the Los Angeles commercial real estate market is vigorously growing, driven by a diverse blend of business and industry.
As of mid-2017, the Greater Los Angeles commercial real estate market encompasses over 101 million square feet of existing office space in properties larger than 50,000 square feet. The office market in Los Angeles is thriving, thanks to the integrated transportation system of Southern California, which supports a myriad of businesses in the metro area.
Los Angeles, CA Office Inventory Description
While the beginning of Los Angeles can be dated back to the Spanish conquest in 1542, the office market in the metro area is anything but dated. Over 65% of L.A. office space is Class A product, while Class B office property accounts for just over 33% of Los Angeles'; office inventory.
Some of the best known office submarkets of LA include the entertainment and film production centers of Century City and Hollywood, the multi-cultural areas of Chinatown and Koreatown, and the ritzy areas of Wilshire and Santa Monica.
It's hard to know where to begin, when counting the trophy office properties in metropolitan Los Angeles. The Wilshire Beverly Center and the 9595 Wilshire office buildings in Beverly Hills certainly belong on the list, as does the Clock Tower office property in Santa Monica and the Fox Plaza on the Century City office scene of Los Angeles.
Los Angeles, CA Commercial Inventory Breakdown
Office Spaces
Total: 196,902,858 SF
By square footage range:
- 50k to 100k SF: 31,318,253 SF / 15.91% of total office
- 100k to 500k SF: 112,399,784 SF / 57.08% of total office
- 500k to 1M SF: 27,936,221 SF / 14.19% of total office
- > 1M SF: 25,248,600 SF / 12.82% of total office
By class:
- Class A+: 16,741,057 SF / 8.5% of total office
- Class A: 99,240,822 SF / 50.4% of total office
- Class B: 63,124,167 SF / 32.06% of total office
- Class C: 1,931,027 SF / 0.98% of total office
Top 10 Largest Office Buildings
in Los Angeles
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Mail Order District - Sears Building | 2650 East Olympic Blvd, 90023 | 1,791,000 | n/a |
| Warner Center Business Park - Redevelopment | 20950 Warner Center Lane, 91367 | 1,480,000 | n/a |
| 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 |
| California Market Center | 110 East 9th Street, 90079 | 1,296,360 | 2020 |
| 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 |
Most Recently-Built Office Buildings
in Los Angeles
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Hercules Campus at Playa Vista - Spruce Goose Hangar | 5865 South Campus Center Drive, 90094 | 524,759 | 2018 |
| 1700 South Santa Fe Avenue | 1700 South Santa Fe Avenue, 90021 | 178,250 | 2018 |
| USC Sciences Campus - Norris Healthcare Center | 1520 San Pablo Street, 90033 | 116,000 | 2018 |
| 5500 West Jefferson | 5500 West Jefferson Blvd, 90016 | 75,000 | 2018 |
| The Romaine | 7007 Romaine Street, 90038 | 60,508 | 2018 |
| Downtown West Medical Offices | 1120 West Washington Blvd, 90015 | 60,000 | 2018 |
| Playa Court - Building A | 11248 Playa Court, 90230 | 49,701 | 2018 |
| Pettebone Building | 510 South Broadway, 90013 | 43,030 | 2018 |
| The Mix at Harman Campus - 8500 Balboa Blvd | 8500 Balboa Blvd, 91406 | 420,489 | 2017 |
| ICON | 5800 West Sunset Blvd, 90028 | 325,757 | 2017 |
Los Angeles, CA Green Office Space
While just under 4% of Los Angeles office buildings larger than 50,000 square feet are LEED certified, that percentage continues to grow. When looking at energy-efficient office buildings as a whole in metro L.A., nearly 11% are green-rated buildings and over 10% are Energy Star- certified.
As major investors begin to expect green certification for their office assets, the City of Los Angeles has demonstrated that it is ready to meet the expectations of the global investment community by requiring that all new buildings over 50,000 square feet meet LEED building standards.
The 2017 National Green Building Adoption Index looked at commercial office properties in 30 major U.S. markets and found that, including EPA Energy Star-labeled buildings, the percentage of green certification has increased from under 5% in 2005 to 38% as of mid-2017. The Los Angeles metropolitan area placed 13th in this prestigious annual survey.
Los Angeles, CA’s Top Office-Using Sectors
As the second most populous city in the U.S. and the cultural, financial and commercial center of Southern California, the international investment community expects stable and predictable long-term performance from the Los Angeles office scene, and this market more than meets those expectations.
A countless number of industries drive the LA office market, including entertainment, aerospace, technology, finance and telecommunications.
- Entertainment – Companies such as Capitol Records, DreamWorks, and NBC Universal contribute to Los Angeles' high rate of office-working employment.
- Aerospace – Boeing, Northrop Grumman, Aerojet Rocketdyne, and Honeywell Aerospace are all located in Los Angeles.
- Technology – The demand for Class A office space in Los Angeles is driven in large part by the high-tech industry, including companies such as Simplicit Technologies and Clean Water Technology.
- Finance – Banking and financial services businesses create large amounts of white-collar employment and demand for LA office space from companies such as Raymond James and Prudential.
- Telecommunications – In addition to financial services, companies in the technology sector such as CBRE Group, AECOM Technology Corporation, and Chrome River Technologies also propel the demand for office space in Los Angeles.
Los Angeles Demographics
Population
- Total Population3,949,776
- Male Population(49.5 %) 1,953,844
- Female Population(50.5 %) 1,995,932
- Median Age35.20
Income/Financial
- Average Household Income$86,758
- Median Household Income$54,501
- Median Income Under 25$29,296
- Median Income 25-44$58,345
- Median Income 45-64$61,972
- Median Income Over 65$40,425
News
Key takeaways: 682 million square feet of office space have been added across the country in the last 10 years. Campus-style tech companies greatly influenced the suburban expansion throughout the U.S. New York City, Chicago, and San Francisco grew the most on the fringes of the urban cores. The...
Architecture firm KGTY signed a 15,700-square foot lease in the newly renovated Trust Building in downtown Los Angeles. The company―ranked one of the top architecture firms in Los Angeles, with regional offices in Chicago, Denver, Irvine and Oakland―plans to relocate its Playa Vista office to th...
New York-based law firm Gibson, Dunn & Crutcher renewed its lease at 333 South Grand Avenue in downtown Los Angeles. The company signed a long-term deal with the owner, Brookfield Properties, for 215,000 square feet of office space in the 54-story Wells Fargo Center North Tower. CBRE’s Stephen L...
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