Although the Westside of Los Angeles continues to benefit from the expansion of entertainment, digital media and tech companies, overall office leasing activity remains moderate. Limited expansion has translated into a negligible reduction in the region’s excess supply. Following the trend of the last seven quarters, the region’s availability rate was basically unchanged, remaining at 19.4 percent overall and decreasing slightly from 20.7 percent to 20.6 percent for Class A properties, according to the Los Angeles Studley Report, Studley’s analysis of office market conditions in the city and surrounding areas.
“While the creative sectors have been steadily absorbing space, Los Angeles’ traditional professional and business services industries continue to streamline operations,” said Mark Sullivan, Studley executive vice president and Southern California regional manager. “The Downtown office market, which depends on demand from the traditional users of office space, has been particularly affected...” LA Office Market Shows Little Movement in Leasing Activity
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