Los Angeles Office Market Update

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Office Buildings

Viktorie Miksatkova October 16, 2024

Frank and Viktorie of The Ponce Real Estate Group forecast occupancy losses persisting until at least 2025. Despite leasing activity in Los Angeles, third-quarter 2024 saw 4.6 million square feet of leases signed, aligning with previous years' levels but insufficient to curb rising vacancies, now at a decades-high 16.3%.

Noteworthy deals include SoCalGas moving its headquarters to 350 S. Grand Avenue in 2026, with a lease just under 200,000 square feet, and Entrada's development at 6181 W. Centinela Avenue reaching 45% occupancy with new tenants like the Trade Desk.

Frank and Viktorie anticipate office rents to remain flat as vacancy rates rise. Developers and investors must adapt to this sobering market landscape.

Contact Us: For expert guidance in navigating these market conditions, reach out to Frank at (310) 503-4158 or Viktorie at (424) 301-0075 at The Ponce Real Estate Group.

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