Q1 2022 Office Market Outlook – Los Angeles
Los Angeles County’s office market took one step back as companies continued to struggle to bring their people back into the office after the pandemic shutdown. With the vacancy rate inching upward, since dropping in the fourth quarter of 2021, demand for office space remained inconsistent across the region. Many submarkets lost gains in occupancy as vacancy increased 20 basis points quarter over quarter to 14.4 percent, up 120 basis points from last year. The average asking rent edged up from the previous quarter as new construction added 1 million square feet, mostly vacant, to the inventory.
