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Los Angeles County office leasing rises to best level since 2019
Tenants signed about 4 million square feet of office leases in Q3, helped by renewals that made up six of the quarter’s 10 largest deals.
Los Angeles County office leasing rose to its highest level since 2019 in the third quarter, another sign of gradual stabilization, according to Commercial Observer. Tenants signed about 4 million square feet of office leases in July, August and September, up 15 percent from a year earlier and 0.7 percent from the second quarter.
The improvement was driven by renewals, which accounted for six of the quarter’s 10 largest deals. Raytheon renewed 144,709 square feet in El Segundo, PwC signed for 138,000 square feet in Century City, and Pepperdine University renewed 117,495 square feet near Marina del Rey and Playa Vista, Commercial Observer reported.
Availability declined as leasing picked up. Overall availability fell to 26.5 percent, down 110 basis points from the second quarter and 170 basis points from a year ago, while available sublease space dropped to 6.3 million square feet from 8.7 million square feet last year for the eighth straight quarter, according to the outlet.