LA Market Still Heating Up
The LA County office market experienced the largest drop in overall vacancy last year since 2009, says a new report from Cushman & Wakefield. MD of research Petra Durnin tells Bisnow tech and creative industries are the driving factor (surprise, surprise), with companies like Uber and WeWork signing major leases. She says the market is no longer treading water and that DTLA is even a part of the conversation now, too. Not to mention Playa, which has about half the vacancy it did in 2012, Petra says.
Overall vacancy dropped 2.1 percentage points in Q4 to 16.1%, Petra says, with asking rents up 5.5% year-over-year. Vacancy was greatly impacted by Lewis Brisbois taking 215k SF at US Bank Tower after the Da Vinci fire damaged its space.