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Q2 LA Office Market Report 7.16.19.Indd Second Quarter 2019 / Office Market Report LOS ANGELES Limited existing available space has led to Market Overview increased preleasing of future development, Market Facts which has become necessary to reserve Total sales volume in the Los Angeles large plates of space and penetrate the West County Office Market remained strong LA submarket. This is highlighted by Nike’s through the second quarter of 2019 recording 75K sf lease at the WE3 in Playa Vista, HBO’s $1.99 billion in transactions, up a very nominal 240K sf lease at Ivy Station in Culver City, 4.0% 0.3% from the previous quarter where $1.97 and Amazon’s 75K sf lease at the Culver Los Angeles County billion was recorded. Vacancy remained stable Steps development in Culver City. This trend, Unemployment Rate at 13.3%, down 0.1% from last quarter, despite in conjunction with consistently tight 287,081 sf of delivered office inventory. vacancy, has made this a difficult market to Unemployment decreased slightly to 4.0%, enter and an expensive one to stay in. As a and this trend is expected to continue with a result, we’ve seen companies migrate east to 433,293 SF forecast of approximately 120,000 jobs to be the Downtown submarket. Net Absorption added to the labor market by the end of 2020, This trend was illustrated in the second according to REIS Economics. These factors quarter with the relocation of Browne have contributed to market stability quarter- George Ross LLP from 21,916 sf at 2121 over-quarter. Avenue of The Stars in the Century City While the office market remains robust, submarket into 10,569 sf at 801 S Figueroa 13.3% tight vacancy in premier West LA office Street in the Downtown submarket. Total Vacancy Rate submarkets has allowed landlords to seek Additionally, Arup relocated to 66,200 sf at higher rents without having to offer 900 Wilshire Boulevard in the Downtown concession packages in sync with market submarket, from 38,000 sf at 12777 Jefferson expectations. Landlords are beginning to offer Boulevard in Marina Del Rey/ Venice in-house coworking spaces as an alternative submarket. $3.26 PSF to WeWork, growth in the coworking space Weighted FSG Average Asking Rental Rate continues driving leasing activity while simultaneously tightening the space available in the Los Angeles County Office Market. Partnership. Performance. avisonyoung.com Los Angeles Second Quarter 2019 / Office Market Report Market By the Numbers Q2 2019 Under Weighted Avg Existing Q1 2019 Q2 2019 Net YTD Net Q2 2019 Submarket Vacancy Construction Asking Lease Inventory (SF) Vacancy % Absorption (SF) Absorption (SF) Completions (SF) % (SF) Rate DOWNTOWN 34,189,755 17.2% 16.9% 159,875 124,629 99,284 825,564 $3.29 Bunker Hill 8,044,645 12.4% 10.0% 13,307 117,690 $3.40 Financial District 19,539,601 19.2% 19.4% 99,356 (117,476) $3.30 Greater Downtown 2,912,930 16.1% 16.8% 14,807 109,572 99,284 60,000 $3.34 South Park 3,701,579 19.0% 20.5% 34,404 19,314 765,564 $3.02 WEST LA 58,992,880 10.7% 11.9% 655,785 608,530 31,441 1,878,841 $4.76 Beverly Hills 7,045,345 11.5% 12.0% 27,257 (28,486) $5.60 Brentwood 3,478,351 11.2% 12.1% 31,311 (19,771) 10,347 $4.75 Century City 10,551,415 4.4% 6.0% 146,797 155,065 $5.16 Culver City 4,393,259 13.5% 15.0% 53,195 91,115 988,111 $4.22 Marina Del Rey/Venice 7,035,338 14.6% 17.5% 174,436 165,048 333,367 $5.09 Miracle Mile 5,182,419 18.4% 17.1% (50,140) (55,110) $4.24 Olympic Corridor 3,124,898 12.2% 7.4% (153,018) (144,993) 80,340 $4.79 Santa Monica 9,630,326 7.5% 10.5% 278,351 328,115 31,441 138,726 $5.50 West Hollywood 3,063,203 9.5% 12.8% 100,135 117,637 97,742 $5.06 West Los Angeles 629,130 12.9% 13.0% 204 (34,424) 230,208 $3.64 Westwood 4,859,206 13.2% 14.2% 47,247 (2,560) $4.44 TRI CITIES 23,410,459 12.5% 12.2% (17,127) (20,889) 0 387,897 $3.21 Arcadia 623,885 10.7% 8.7% (12,062) (37,333) $2.85 Burbank 6,939,180 8.9% 9.4% 28,012 59,378 $3.64 Glendale 6,317,995 18.0% 15.3% (44,551) (25,897) 86,897 $3.12 Monrovia 1,136,463 8.7% 9.2% 5,866 4,433 $2.30 Pasadena 8,392,936 12.7% 12.8% 5,608 (21,470) 301,000 $3.15 SOUTH BAY 33,386,354 15.6% 14.6% (300,619) (406,459) 97,000 1,297,099 $2.96 190th Street Corridor 3,517,978 20.4% 21.4% 66,958 79,451 $2.30 Central Torrance 4,485,412 9.2% 9.4% 9,074 (12,822) $2.75 Downtown Long Beach 5,058,589 20.4% 20.2% (215) (55,846) 507,000 $2.45 El Segundo/Beach Cities 11,623,063 12.9% 10.0% (345,009) (320,007) 97,000 710,899 $3.95 LAX 4,145,667 27.7% 26.8% (38,516) (17,610) 79,200 $2.17 Long Beach Airport 4,555,635 8.9% 9.1% 7,089 (79,625) $2.35 LA NORTH 31,128,378 11.4% 12.0% (15,393) (488,210) 0 561,615 $2.65 Central SF Valley 4,906,666 9.2% 8.0% (57,617) (138,661) $2.61 Conejo Valley 6,235,902 15.0% 14.5% 56,514 (30,695) $2.49 East SF Valley 2,192,975 13.2% 19.4% 63,502 (87,802) $3.35 Santa Clarita Valley 2,299,609 10.4% 12.6% 51,070 55,491 305,800 $2.60 West SF Valley 15,493,226 10.6% 10.0% (137,639) (115,963) 255,815 $2.69 SAN GABRIEL VALLEY 10,221,198 8.8% 9.7% 87,139 146,074 0 94,637 $2.33 East San Gabriel Valley 6,539,430 10.7% 12.0% 88,044 125,202 32,637 $2.31 West San Gabriel Valley 3,681,768 5.5% 5.5% (905) 20,872 62,000 $2.39 HOLLYWOOD/MID-WILSHIRE 17,773,654 16.9% 16.3% (136,367) (263,336) 59,356 1,464,961 $2.98 Hollywood 7,620,047 10.9% 11.1% (28,455) (72,437) 59,356 996,961 $5.02 Mid-Wilshire 10,153,607 19.3% 19.2% (7,777) (73,262) 468,000 $2.58 LA COUNTY 206,414,720 13.3% 13.4% 433,293 (156,962) 287,081 6,510,614 $3.26 Partnership. Performance. avisonyoung.com Los Angeles Second Quarter 2019 / Office Market Report Q2 2019 Under Existing Inventory Q1 2019 Q2 2019 Net YTD Net Absorption Q2 2019 Weighted Avg Submarket Vacancy Construction (SF) Vacancy % Absorption (SF) (SF) Completions Asking Rate % (SF) Downtown 34,189,755 17.2% 16.9% 159,875 124,629 99,284 825,564 $3.29 Class A 30,078,353 14.8% 14.4% 144,009 97,412 627,564 $3.31 Class B 4,050,417 30.9% 34.0% 6,861 (2,303) 99,284 198,000 $3.27 Class C 425,514 51.0% 53.1% 9,005 29,520 $2.90 West LA 58,992,880 10.7% 11.9% 655,785 608,530 31,441 1,878,841 $4.76 Class A 45,834,224 11.4% 12.8% 579,848 429,750 31,441 1,248,279 $4.89 Class B 12,083,568 8.7% 9.1% 72,568 175,599 620,165 $4.28 Class C 1,075,088 2.4% 2.7% 3,369 3,181 Tri Cities 23,410,459 12.5% 12.2% (17,127) (20,889) 0 387,897 $3.21 Class A 16,271,930 14.2% 13.6% (38,402) (32,025) 340,067 $3.42 Class B 6,650,702 9.0% 9.2% 25,735 8,372 47,830 $2.50 Class C 487,494 4.8% 3.9% (4,460) 2,764 $1.84 South Bay 33,386,354 15.6% 14.6% (300,619) (406,459) 97,000 1,297,099 $2.96 Class A 19,938,516 17.4% 16.1% (255,239) (353,470) 97,000 596,200 $3.17 Class B 12,110,970 13.8% 13.3% (41,658) (59,693) 700,899 $2.57 Class C 1,336,868 4.9% 4.7% (3,722) 6,704 $2.09 LA North 31,128,378 11.4% 12.0% (15,393) (488,210) 0 561,615 $2.65 Class A 15,943,025 17.8% 13.7% 140,216 (121,696) 227,556 $2.74 Class B 14,338,781 10.4% 11.0% (158,042) (191,998) 396,059 $2.58 Class C 846,572 6.5% 6.7% 2,433 7,783 $2.01 San Gabriel Valley 10,221,198 8.8% 9.7% 87,139 146,074 0 94,637 $2.33 Class A 1,818,851 9.7% 12.2% 45,671 26,499 $2.52 Class B 8,011,694 8.9% 9.3% 35,857 24,565 94,637 $2.28 Class C 390,653 3.2% 4.2% 5,611 7,871 $1.91 Hollywood / Mid-Wilshire 17,773,654 16.9% 16.3% (136,367) (263,336) 0 1,464,961 $2.98 Class A 11,475,425 16.7% 16.8% (16,197) (51,102) 1,381,887 $2.93 Class B 2,793,641 19.4% 15.5% (117,485) (210,136) 59,356 53,074 $3.40 Class C 441,385 9.7% 9.5% (2,685) (2,098) $2.61 LA County 206,414,720 13.3% 13.4% 433,293 (156,962) 287,081 6,510,614 $3.26 Class A 141,371,373 13.8% 14.2% 599,906 16,381 128,441 4,421,553 $3.47 Class B 60,039,773 12.2% 11.8% (176,164) (234,679) 158,640 2,110,664 $2.84 Class C 5,003,574 8.8% 9.1% 9,551 61,336 $2.53 Partnership.
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