Blog

3Q Los Angeles Commercial Real Estate Office Statistics

LEASING
The Los Angeles office market currently has the highest
occupancy rate since 2008 at 89.2%. Over the year, nearly
4.6 million square feet of new occupancy has been added.
Rising rents and demand have prompted new construction.
In Downtown Los Angeles several major projects are under
construction, including the Wilshire Grand Center and the
Ford Building. The Wilshire Grand Center is scheduled for
delivery in the second quarter of 2017. It has yet to sign
any major tenants. The Ford Building, to be delivered in
December 2016, is fully leased to Warner Music Group Corp.
In one of the largest lease transaction this quarter, Oracle
America, Inc. expanded their footprint to 141,726 square feet
of Class A office space in the Santa Monica Water Garden.

3q-asking-office-rents

 

SALES
There has been significant sales activity in West Los Angeles.
Several investment groups have purchased significant
properties this quarter. Qatar Investment Authority, the $256
billion sovereign wealth development fund of the State of Qatar,
purchased 12100 Wilshire Blvd, a 365,000 square foot class
A Office Building in Brentwood for $616/SF. This purchase is
the latest addition in a joint venture between Douglas Emmett,
Inc. and Qatar Investment Authority totaling a five building, 2.1
million square foot portfolio of class A office space on Wilshire
Boulevard. Rockwood Capital LLC has purchased the Playa
Jefferson portfolio in Playa Vista, totaling 268,563 square feet
for $614/SF. The portfolio consists of two fully leased class A
office buildings on Jefferson Boulevard, and a parking garage
on Beatrice Street.

3q-market-statistics-chart

For more information on leasing or sales, please contact

Forrest Blake  “The Negotiator”
Vice President
NAI Capital
16001 Ventura Blvd., Suite 200
Encino, CA 91436
818-933-2365 direct
310-850-2381 cell
<a href=”http://naicapital.com/”>http://naicapital.com/</a>
<a href=”https://forrestblake.com/” target=”_blank”>www.forrestblake.com</a>

DRE License No: 01064174

You must be logged in to post a comment.