Third Quarter 2026
Office Market Outlook
Los Angeles County
The Port of Long Beach acquired Oceangate Tower, a 226,748-SF office building in downtown Long Beach, from Faring for $35 million, or $159/SF. The property was 70% occupied at sale.
By J.C. Casillas
Managing Director of Research and Public Relations at NAI Capital Commercial
Managing Director of Research and Public Relations at NAI Capital Commercial
LEASING TRENDS
Leasing volume fell 21.3% QoQ and 7.4% YoY, while under construction space edged up 0.3% QoQ but remained down 4.6% YoY, signaling a continued pullback across the market. Asking rent held flat, up 0.3% QoQ and YoY, reflecting stable pricing amid softer leasing activity.
SALES TRENDS
Sales volume surged 210.7% QoQ but remained 10.4% below year-ago levels, while average sale price per square foot fell 32.1% QoQ and 17.7% YoY, suggesting buyers capitalized on lower valuations to drive a sharp pickup in activity.
