Los Angeles Office Construction Report

LOS ANGELES OFFICE CONSTRUCTION REPORT

Market Size: 405,859,462 SF
Existing Available Space: 61,134,493 SF
Space Under Construction: 3,369,527 SF
Completed Construction in 2015: 1,924,821 SF

Largest Project Under Construction:

Office Plaza At Wilshire
Grand; $1.2 Billion project:
356,141 SF Class A
office space, 900 hotel
rooms, 42,000 SF retail in
Downtown LA. Being built
by Korean Airlines Co Ltd.

Largest Project Completed in 2015:

Hollywood 959; Two
building approx. 250,000
SF Class A creative office
campus in Hollywood’s
Media District. Built by JH
Snyder Company.

MARKET TRENDS

• Average asking rents increased 4.9% from 2014 and 9% over 2013.
• Vacancy has declined 80 basis points from 2014 and 170 basis points from 2013.
• Net absorption has outpaced completed construction
for the past two years.
• Completed construction has increased 170% over
the past year.

PROJECTS TO WATCH IN 2016

• Office Plaza At Wilshire Grand will be the tallest building in California at 1,099 feet tall when it is finished in May 2017. The building is slated to have 356,000 SF of office space, 900 hotel rooms and 42,000 SF of retail. The project is owned by The Hanjin Group the parent
company to Korean Airlines.

• Los Angeles Federal Courthouse is currently under construction at 107 S. Broadway in downtown Los Angeles. The 633,000-square-foot facility will contain 24 courtrooms and 32 judges’ chambers. The building is designed to achieve LEED Platinum certification. Along
with the judges of the U.S. District Court, the building will be used by the U.S. Marshals Service, U.S. attorneys’ office and the Federal Public Defender.

• ICON is a 323,273 SF Class A office Building under construction at 5808 W. Sunset Blvd. in Hollywood. Preleased to Netflix. Completion date 12/2016.

• The Brickyard is an office campus comprised of two 100,000 and 300,000 SF office buildings. Located in West Los Angeles, Playa Vista, the expected delivery date is 4Q 2016. Developed by owner Tishman Speyer.

• Vine Street Tower is currently under construction containing 8 floors totaling 112,548 SF of Class A office space and 2,012 square feet of prime ground floor retail space. The building is registered with the U.S. Green Building Council for LEED Gold status. Completion date 3/2017. by developer Tishman Speyer. The campus will have 293,000 SF of Class A office space available in December 2016.

For more information on this or leasing and sales of commercial real estate please contact:

Forrest Blake
Vice President
NAI Capital
fblake@naicapital.com
310-850-2381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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